Saudi Arabia is reportedly threatening to sell its oil in other
currencies if the US passes a bill permitting antitrust lawsuits to be
filed against OPEC members in US courts, a move which would decimate the
If the US infringes on
OPEC states' sovereign immunity and greenlights lawsuits for antitrust
violations, energy officials in Riyadh are prepared to sell their oil in
other currencies, according to multiple sources familiar with Saudi
energy policy, one of whom told Reuters the threat has already been
communicated to high-ranking US energy officials.
“The Saudis know they have the dollar as the nuclear option,” one of the sources reportedly said, while another cited Saudis as saying “let the Americans pass NOPEC and it would be the US economy that would fall apart.”
a move has the potential to topple the US dollar’s status as the
world’s reserve currency, particularly since other OPEC members –namely
Iran and Venezuela– have their own reasons to ditch the petrodollar,
under US sanctions as they are, and non-OPEC oil producers like Russia
also mulling such a measure...
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