Saudi Arabian Energy Ministry denies plans to ditch dollar in oil trade

Saudi Arabian Energy Ministry denies plans to ditch dollar in oil trade
  • Clock-gray 17:30
  • calendar-gray 08 April 2019

The Saudi Arabian Energy Ministry said on Monday that there would be no change to its policy of selling oil in U.S. dollars after media reports suggested the move was planned to stop US Congress from passing a damaging antitrust law, ONAreports citing Sputnik.

These reports "are inaccurate and do not reflect Saudi Arabia’s position on this matter," read in the ministry's statement, adding that the nation’s longstanding policy of trading oil in dollars "has served well the objectives of its financial and monetary policies."

The statement comes after last week reports claimed that Riyadh had plans to switch its oil trade away from using the dollar to other currencies if the US passes the NOPEC bill, which would extend American anti-trust laws to foreign entities such as OPEC. 

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