- RT America Published on Apr 5, 2019
Rick Sanchez explains how the importance of oil is what made the US the internationally recognized world reserve currency. But now the Kingdom of Saudi Arabia is threatening to sell its oil in alternative currency if Washington passes the “NOPEC” bill, aimed at applying economic pressure to oil-exporting countries. RT America’s John Huddy joins Rick Sanchez to discuss.
- Saudi Arabia Mulls Ditching Dollar in Bid to Stop US Anti-OPEC Law – Report
The No Oil Producing and Exporting Cartels Act (NOPEC) was first introduced in 2000 to combat OPEC’s price regulation, but had little success in Congress. However, prior to being elected US president, Donald Trump expressed vocal support for the bill in 2011.
Riyadh has plans to switch its oil trade away from using the dollar to other currencies if the US passes the NOPEC bill, which would extend American anti-trust laws to foreign entities such as OPEC, Reuters reported, citing three anonymous sources familiar with Saudi energy policy. This “nuclear option” was reportedly recently discussed by senior Saudi energy officials and even expressed to the US.