Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources has rejected claims that it considered selling its oil in non-US currency if the US government passed the No Oil Producing and Exporting Cartels Act bill, commonly known as NOPEC.
Reuters reported that senior Saudi energy officials had discussed the possibility of non-US dollar oil trading based on anonymous sources. The story was picked up by multiple media outlets, and Saudi Arabia’s energy minister responded today through a statement issued by the Saudi Press Agency, noting that the claims are “inaccurate and do not reflect Saudi Arabia’s position on this matter.” It continued to say that the dollar “has served well the objectives of its financial and monetary policies.”Â
“Furthermore, the Ministry reaffirms the Kingdom’s commitment to its role as a stabilizing force of energy markets, and its desire not to risk such a key policy priority through a fundamental change to the financial terms of oil trading relationships around the world.”
NOPEC, if passed, would open OPEC and its members to antitrust laws, allowing the US Justic Department to sue them.Â
