Facing U.S. legislation that would hobble OPEC, the Saudis are considering selling oil in currencies other than the dollar, Reuters reports.
The U.S. dollar is the dominant currency in oil trading, but Saudi Arabia is reportedly considering selling its crude in other currencies if American lawmakers pass an anti-OPEC bill.
If the Saudis followed through, it would chip away at U.S. influence over global financial markets and Washington's ability to enforce sanctions on foreign entities. Efforts to diminish the greenback's role in oil trading have been fairly limited to date, but the Saudi plan would lend significant momentum to those efforts — and represent a coup for countries like Russia and China.
That represents an existential threat to OPEC. The 14-nation producer group regulates global oil supply by setting output limits for each member during times of oversupply.
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