The authorities of the Kingdom of Saudi Arabia consider a possibility to abandon the US dollar as the main currency in payments for Saudi oil. Riyadh may make such a decision in the event the United States passes a new law to ban the Organization of Petroleum Exporting Countries, OPEC.
High-ranking Saudi officials in charge of the energy sector have been discussing the prospect of waiving the US dollar and switching to other currencies in settlements with foreign buyers. They also discussed the plan with several OPEC partners and members of the White House administration.
Thus, the kingdom wants to put pressure on the United States, which in turn is trying to pass a law banning all types of energy cartels. In this case, OPEC member states will lose their immunity, and one will be able to file lawsuits against them for monopoly collusion. The organization will virtually cease to exist under such conditions.
The bill, called NOPEC, was submitted to US Congress in 2008. The bill had been rejected several times during the presidency of Barack Obama. These days, the bill has a lot more chances to become law, given Donald Trump’s aspiration to put an end to high oil prices through coordinated reduction in oil output. Trump needs cheap fuel on the threshold of the presidential election in the USA.
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