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 U.S. dollar are inaccurate and do not reflect Saudi Arabia’s position on this matter. The Kingdom has been trading its oil in dollars for decades, which has served its financial and monetary policy objectives well.
Furthermore, the Ministry reaffirms the Kingdom's commitment to its role as a stabilizing force for the global energy market, and has no desire to risk such a key policy priority by pursuing a fundamental change to the financial terms of oil trading in its relationships around the world.