Business and Finance
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.
"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.