Saudi Arabia is reportedly mulling ‘nuclear option’ of stripping the US dollar from oil trade
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(Worthy News) – The U.S. dollar is the dominant currency in oil trading, but Saudi Arabia is reportedly considering selling its crude in other currencies if American lawmakers pass an anti-OPEC bill.
The discussions, reported by Reuters, suggest that Riyadh is preparing a strategy to deal with potential passage of the No Oil Producing and Exporting Cartels Act, known as NOPEC. The legislation is widely viewed as a longshot, which means the Saudi move to marginalize the dollar is unlikely to come to pass.
Still, the kingdom has discussed the proposal with other OPEC members, two sources told Reuters. Another source said Riyadh has broached the subject with U.S. energy officials. [ Source: CNBC (Read More…) ]
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