“The Ministry of Energy, Industry and Mineral Resources affirmed today that recently circulated claims that the Kingdom of Saudi Arabia is threatening to sell its oil in currencies other than the dollar are inaccurate and do not reflect Saudi Arabia’s position on this matter,” a statement from the Saudi Press Agency reads. This is the official state news agency of the Kingdom. The statement follows reports that Riyadh was considering switching from the greenback to other currencies in its oil trade in response to anti-OPEC legislation plans in the U.S. Congress. Reuters reported last week, citing unnamed sources, that the switch from U.S. dollars to other currencies had been discussed in senior Saudi circles and that it had also been shared with U.S. government officials from the energy department. The reported threat takes OPEC’s—Saudi Arabia’s—offensive against the No Oil Producing and Exporting Cartels Act a step further after last […]