Saudi Energy Ministry: no change to policy of selling oil in dollars

Saudi Energy Ministry: no change to policy of selling oil in dollars

Saudi Arabia said it has no plans to change its longstanding policy of trading oil in dollars, Saudi Energy Ministry said.

These reports "are inaccurate and do not reflect Saudi Arabia’s position on this matter," The Financial Times cited the statement as saying.

The ministry added that the kingdom’s decades-long policy of selling oil in dollars "has served well the objectives of its financial and monetary policies."

The denial came after reports that the kingdom is threatening to sell its oil in currencies other than the dollar if the U.S. Congress passes legislation exposing OPEC to American antitrust laws.

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