Saudi Arabia not considering non-dollar oil trade: official

A view of Saudi Aramco's Shaybah oilfield at the Empty Quarter in Saudi Arabia. (Reuters)
Updated 08 April 2019
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Saudi Arabia not considering non-dollar oil trade: official

DUBAI: The Saudi Arabian Energy Ministry has rejected the suggestion that it is considering selling oil in currencies other than the traditional US dollar.
In its first public reaction since speculation began last week that the Kingdom might consider pricing oil in other currencies if the Americans enacted legislation aimed at OPEC, the ministry said: “Recent reports claiming that Saudi Arabia is threatening to sell its oil in currencies other than the dollar are inaccurate and do not reflect Saudi Arabia’s position on the matter.
“The Kingdom has been trading its oil in dollars for decades and that has served well its financing and monetary needs. Furthermore, the Kingdom remains committed to be a stabilizing force to energy markets and does not want its key priority to be out at risk, including changes to the financial terms of oil trading relationships around the world.”
The reaction from the ministry - headed by energy minister Khalid Al-Falih who is also the chairman of the world’s biggest oil company Saudi Aramco - will put and end to speculation that the Kingdom intends to react radically to the possible passage of what has been called “NOPEC” laws in the US.
Such a law is opposed by US energy leaders and by the Energy Secretary Rick Perry as potentially destabilizing for world energy markets. A final decision on the law - if it gets passed by the US Congress - would be the responsibility of the administration of Donald Trump, who has not so far indicated his thinking on the matter.


Paris Air Show: After Boeing showstopper, Airbus seeks order bounce

Updated 19 June 2019
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Paris Air Show: After Boeing showstopper, Airbus seeks order bounce

  • British Airways owner IAG signs letter of intent to buy 200 of its 737 MAX jets
  • Airbus is looking for up to 200 orders for the A321XLR, which is designed to open up new routes

PARIS: Airbus, reeling from the potential loss of a major customer for its best-selling A320neo as British Airways owner IAG placed a lifeline order for the grounded 737 MAX, prepared to hit back with more orders for its A321XLR on Wednesday.
The planemaker has been negotiating with US airlines investor Bill Franke whose Indigo Partners has also been known to place orders for multiple airlines within its portfolio and could reel it in for the Paris Air Show, industry sources said.
Airbus declined to comment.
After weathering intense scrutiny over safety and its public image, Boeing won a vote of confidence on Tuesday as IAG signed a letter of intent to buy 200 of its 737 MAX jets that have been grounded since March after two deadly crashes.
The surprise order lifted the energy of a previously subdued Paris Airshow, where the talk had been of the possible end of the aerospace cycle, given the issues at both Boeing and Airbus as well as geopolitical and trade tensions around the world.
Australia’s Qantas Airways said on Tuesday it would order 10 Airbus new A321XLR jets and convert a further 26 from existing orders already on the Airbus books.
Airbus is also in talks with leasing company GECAS and has been trying to secure an eye-catching order for the A321XLR from American Airlines, though the world’s largest carrier does not typically make announcements at air shows.
Airbus is looking for up to 200 orders for the A321XLR, which is designed to open up new routes.