Saudi Arabia threatens to sell its oil in currencies other than US dollar

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Saudi Arabia threatens to sell its oil in currencies other than US dollar

Saudi Arabia has threatened to sell its oil in currencies other than the US dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits.

According to the Reuters news agency sources privy to the Saudi oil policy said Riyadh has also communicated the threat to senior U.S. energy officials.

The bill in question, called the No Oil Producing and Exporting Cartels Act (NOPEC), was first introduced in 2000, and would potentially give Washington ability to control global oil output and prices through threats of lawsuits against OPEC members. (Reuters)