Saudi Arabia Threatens To Ditch The U.S. Dollar For Its Oil Trades

FILE PHOTO: An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah

Reuters: Exclusive: Saudi Arabia threatens to ditch dollar oil trades to stop 'NOPEC' - sources

LONDON/DUBAI (Reuters) - Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said.

They said the option had been discussed internally by senior Saudi energy officials in recent months. Two of the sources said the plan had been discussed with OPEC members and one source briefed on Saudi oil policy said Riyadh had also communicated the threat to senior U.S. energy officials.

The chances of the U.S. bill known as NOPEC coming into force are slim and Saudi Arabia would be unlikely to follow through, but the fact Riyadh is considering such a drastic step is a sign of the kingdom’s annoyance about potential U.S. legal challenges to OPEC.

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Update: Petrodollar Panic: Saudis Threaten To Dump USD-Oil Trades Over OPEC Anti-Trust Bill (Zero Hedge)

WNU Editor: If Saudi Arabia does this, expect a major drop in the value of the U.S. dollar. This threat is also one more reason on why there will be a Presidential veto over this .... U.S. Congress Approves Resolution To End The U.S. Participation In Yemen War (April 4, 2019).