Saudi Arabia is reportedly threatening to sell its oil in other currencies if the USA passes a bill permitting antitrust lawsuits to be filed against OPEC members in US courts, a move which would decimate the tottering petrodollar.
If the USA infringes on OPEC states’ sovereign immunity and green-lights lawsuits for antitrust violations to rake in money for bankrupt Zionist regime. If so, energy officials in Riyadh are prepared to sell their oil in other currencies.
According to multiple sources familiar with Saudi energy policy, one of whom told Reuters the threat has already been communicated to high-ranking US energy officials.
The US regime has been confiscating and freezing (stealing) other countries assets held in US bank accounts in an desperate attempt to collect money from foreign entities.
The Saudis know they have the dollar as the nuclear option, if the Americans pass NOPEC in the end it would be the US economy that would totally fall apart.
Such a move has the potential to topple the US dollar’s status as the world’s reserve currency, particularly since other OPEC members, namely Iran and Venezuela, have their own reasons to ditch the petrodollar, under these evil/hostile US sanctions.
The bill in question, called the No Oil Producing and Exporting Cartels Act (NOPEC), was first introduced in 2000, and would potentially give Washington ability to control global oil output and prices through threats of lawsuits against OPEC members.
However, it never gained significant traction until the current administration took over. Trump himself has not come out in favor of the bill, preferring to back Saudi Arabia’s political objectives in return for good behavior in the oil market, though he did speak out in favor of NOPEC in a 2011 book.
According to the Saudi sources cited by Reuters, the Saudi riyal is pegged to the dollar, and the kingdom has nearly $1 trillion invested in the USA, investments it has also mulled liquidating should NOPEC pass.
Saudi Aramco is the world’s largest oil exporter, with sales of $356 billion in 2018, and trading in oil derivatives is also largely dollar-denominated, with trade volume reaching $5 trillion on the top two global energy exchanges last year.
RT. com / ABC Flash Point News 2019.