Saudi Arabia threatens to stop using dollars for oil to block 'NOPEC'

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Saudi Arabia said they will start selling oil in currencies other than the U.S. dollar if Capitol Hill passes a bill making OPEC members vulnerable to anti-trust lawsuits, reports Reuters.

What it means: This threat shows the seriousness that Saudi Arabia is taking the pending legislation most of Washington considers very unlikely to happen. That seriousness should make everyone else consider it more of a live debate too.

What they're saying: Bob McNally, former energy adviser for George. W. Bush who now leads his own energy consulting firm, says the Saudis' threat is real.

  • "Saudi Arabia is not the only producer actively considering abandoning the dollar denomination of oil exports."
  • McNally added that passage of this bill "would kick off economic war at the nuclear level with major oil exporters. The result would be devastation all around and no winners except perhaps China and Russia longer term. The best option is not to play."

Go deeper: Trump administration divided over OPEC oil policy

Additional Stories

Joe Biden warns of the "the domestic terrorism of white supremacy"

Photo: Sean Rayford/Getty Images

In a speech Sunday morning at 16th Street Baptist Church in Birmingham, Alabama, Joe Biden warned about the return of "the domestic terrorism of white supremacy."

  • Four black girls were killed there 56 years ago today, in a bombing tied to the Ku Klux Klan.

Netanyahu claims Trump peace plan could be presented within days

Photo: Menahem Kahana/AFP/Getty Images

Israeli Prime Minister Benjamin Netanyahu told Cabinet ministers the Trump administration is going to present its plan “within days” after the Sept. 17 elections — most likely even next week, ministers who attended the meeting told me.

  • Netanyahu said he was citing new information he got last night from Ron Dermer, Israeli ambassador to the United States.

Why it matters: Netanyahu used the “Trump argument” to convince the attorney general to approve the establishment of a new settlement in the Jordan Valley, which he brought to a vote at the Cabinet 2 days before the elections. Netanyahu needed to pass the move to boost his campaign.

Oil price spikes expected after attacks on Saudi facilities

Smoke billows from an Aramco oil facility. Drone attacks sparked fires at two Saudi Aramco oil facilities. Photo: AFP/Getty Images

Crude oil prices are expected to surge when Asian markets reopen Sunday night (U.S. time) as traders respond to Saturday's attacks against major oil processing and production sites in Saudi Arabia.

Why it matters: The alleged drone strikes, which took large volumes of production offline, are stark evidence of security risks facing OPEC's largest producer and the world's largest crude oil exporter.

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