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IPFS News Link • Saudi Arabia

Saudi Arabia Denies That It Threatened To Abandon Petrodollar

• https://www.zerohedge.com by Tyler Durdan

Monday denied reports published last week claiming that the kingdom might abandon the petrodollar if Congress passes the "NOPEC" bill, which would expose members of the oil cartel to American antitrust laws.

The Financial Times reported that the kingdom has "no plans" to sell its oil in currencies other than the dollar, a decision that, if the kingdom did follow through, would seriously undermine the dollar's role as the dominant global reserve currency.

These reports "are inaccurate and do not reflect Saudi Arabia's position on this matter," the energy ministry said in a statement, adding that the kingdom's decades-long policy of selling oil in dollars "has served well the objectives of its financial and monetary policies."


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