Saudis consider ditching dollar in oil trading, sources tell Reuters

Section:

By Dmitry Zhdannikov, Rania El Gamal, and Alex Lawler
Reuters
Thursday, April 4, 2019

Saudi Arabia is threatening to sell its oil in currencies other than the U.S. dollar if Congress passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said.

They said the option had been discussed internally by senior Saudi energy officials in recent months. Two of the sources said the plan had been discussed with OPEC members and one source briefed on Saudi oil policy said Riyadh had also communicated the threat to senior U.S. energy officials.

... Dispatch continues below ...:



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Great Bear Doubles Fully Funded Drill Program
from 30,000 to 60,000 Meters, Adds Third Rig

Company Announcement
Monday, April 1, 2019

VANCOUVER, British Columbia, Canada -- Great Bear Resources Ltd. (TSX-V: GBR) today reported that the company's board of directors has approved doubling of the current 30,000-metre drill program to 60,000 meters. The company remains fully funded for this expanded drilling.

Approximately 12,000 meters of the original 30,000-metre drill program remain to be drilled (see the announcement of September 20, 2018), with expected completion of the original program by July 2019. The extended program will continue through 2019.

The company also announces that it plans to add a third drill rig during the extended program. The two drill rigs currently on site will concentrate on defining and expanding the Hinge and Dixie Limb zones along strike and at depth. The third rig will explore regional targets and assist with the Hinge and Dixie Limb drilling as required. Timing of deployment of the third drill rig is subject to completion of regional target definition. ...

... For the remainder of the announcement:

https://greatbearresources.ca/great-bear-doubles-fully-funded-drill-prog...



The chances of the U.S. bill known as NOPEC coming into force are slim and Saudi Arabia would be unlikely to follow through, but the fact Riyadh is considering such a drastic step is a sign of the kingdom's annoyance about potential U.S. legal challenges to OPEC.

In the unlikely event Riyadh were to ditch the dollar, it would undermine the its status as the world's main reserve currency, reduce Washington's clout in global trade and weaken its ability to enforce sanctions on nation states.

"The Saudis know they have the dollar as the nuclear option," one of the sources familiar with the matter said. ...

... For the remainder of the report:

https://www.reuters.com/article/us-saudi-usa-oil-exclusive/exclusive-sau...

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