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UAE: Trading in dollars is not something that can change overnight



Business and Finance

UAE: Trading in dollars is not something that can change overnight

Reuters

Minister of Energy UAE Suhail Al Mazrouei

UAE energy minister Suhail Al Mazrouei said shifting from the US currency to oil trading is not easy, a few days after Saudi Arabia threatened to leave the dollar in the oil trade.

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"The US dollar trade is not something that can change overnight … We will not jump to one of these ideas," said Al Mazrouei, when asked him about OPEC members' ability to switch from oil trading at the TAQA conference in Dubai .

"OPEC and its allies balance the oil market," he said, adding that the deal will do all that is needed to achieve a balance on the global energy market.

It is expected that the level of commitment to the OPEC and OPEC producer bailout agreement will be good in April, he added.

Al-Mazroui said after Reuters quoted sources familiar to Saudi Arabia's energy policy that Riyadh threatened to sell oil in non-dollar currencies if Washington approved a law that would make the OPEC countries vulnerable to the US anti-monopoly court.

Source: Reuters


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