Three sources familiar with Saudi Arabia’s energy policy informed that the country is threatening to sell its oil in other currencies and abandon the U.S. Dollar if Washington approves the NOPEC bill.
Sources reported that Saudi has communicated the warning to senior U.S. energy officials and other OPEC members after discussing it internally these recent months.
There is a relatively slim chance of the U.S. passing the NOPEC, or the No Oil Producing and Exporting Cartels Act, and Saudi Arabia’s chance to follow through is also slim. However, Riyadh is still considering ditching the Dollar in its oil trade and utilize the possibility as a weapon against the potential U.S. legal challenges to OPEC.
Officials from both Saudi’s Energy Ministry and the U.S. Energy Department did not respond to requests for comment. However, the U.S. Energy Secretary Rick Perry has said the NOPEC could lead to a variety of consequences.
