Saudis Threaten ‘Nuclear Option’ To Kill Petrodollar | WHAT REALLY HAPPENED


Saudis Threaten ‘Nuclear Option’ To Kill Petrodollar

Saudi Arabia threatened to use the “nuclear option” of undermining the petro-dollar if the U.S. moves forward with the NOPEC bill.

The U.S. Congress has been mulling legislation, known as the NOPEC bill, which would allow the Justice Department to take antitrust action against OPEC for manipulating the oil market. Specifically, the bill would remove sovereign immunity countries have from such action, allowing the U.S. government to sue. In theory, the law would prevent OPEC from coordinating production cuts.

It’s still unclear if the Congress will pass the bill, and it’s also not guaranteed that Trump will sign the bill if it reaches his desk. Moreover, even if he did sign it, it’s also not a done deal that the Justice Department would take punitive action.

Nevertheless, Saudi Arabia clearly views the threat as a serious one. Reuters reports that Saudi Arabia has threatened to sell its oil in currencies other than the U.S. dollar if the bill becomes law. Such a move would have enormous implications.

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