The U.S. dollar is the dominant currency in oil trading, but Saudi Arabia is reportedly considering selling its crude in other currencies if American lawmakers pass an anti-OPEC bill.
If the Saudis followed through, it would chip away at U.S. influence over global financial markets and Washington's ability to enforce sanctions on foreign entities. Efforts to diminish the greenback's role in oil trading have been fairly limited to date, but the Saudi plan would lend significant momentum to those efforts — and represent a coup for countries like Russia and China.
That represents an existential threat to OPEC. The 14-nation producer group regulates global oil supply by setting output limits for each member during times of oversupply.
Source: Law Daily Report (lawdailyreport.net)
Sure...😂😂😂🤣
Bluff... and a bad one
This is madness. They are our ally!
Nuclear option my ass. More like threatening a guy with a gun not to shoot or you will bleed all over his shoes. If this happens, the price of oil would drop 50% overnight and the U.S. dollar would drop 3%. We'd still be up 47%. Go right ahead.
Who cares? Dollars can be easily exchanged and vice versa.
So glad we have more oil & gas than them 😃
Yeah that’s not going to happen Stop spreading propaganda about my country
Sources ? Who is that Sources !? Nobody knows. Reportedly ! Who reported this ? Nobody knows . Typical Fake news 😂😂😂😂😂
HamEggsn
Not possible! This will ensure war. folloback
can't wait for John Bolton to push war with the Saudis now
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