Saudi Arabia on Monday denied a report that the kingdom is threatening to sell its oil in currencies other than the U.S. dollar if American lawmakers pass legislation targeting OPEC.
Reuters reported last week that the Saudis had raised the issue within OPEC and with U.S. officials. Most crude oil is traded in U.S. dollars, and selling crude in other currencies could chip away at the greenback’s dominant role in the international financial system.
On Monday, the kingdom called the report inaccurate, saying it does “not reflect Saudi Arabia’s position on this matter.”
