Saudi Arabia Is Open To Discuss Non-Dollar Oil Trade Settlements

Pump-jack mining crude oil with the sunset by Zbynek Burival is licensed under unsplash.com

Saudi Arabia, the world’s largest crude oil exporter, is open to discussing oil trade settlements in currencies other than the U.S. dollar, Saudi Minister of Finance, Mohammed Al-Jadaan, told Bloomberg TV in an interview in Davos on Tuesday.

The Saudi signal that it could be open to talks about oil trade arranged in non-dollar currencies could be another threat to the current dominance of the U.S. dollar in global oil trade.

“There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” Al-Jadaan told Bloomberg TV.

“I don’t think we are waving away or ruling out any discussion that will help improve the trade around the world,” the Saudi minister added.

Pump-jack mining crude oil with the sunset by Zbynek Burival is licensed under unsplash.com