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The Malaysian Indian Congress (MIC) suggested on Friday that Muslim countries stop trading their oil in U.S. dollars in retaliation to the United States for recognizing Jerusalem as the capital of Israel.
“The power and influence possessed by the King of Saudi Arabia, King Salman Abdulaziz Al Saud, and Prime Minister Datuk Seri Najib Razak will be able to convince oil-producing countries to do away with the trading of oil in the US dollar,” New Straits Times quoted MIC treasurer-general Datuk Seri S. Vell Paari as saying in a statement today.
Oil trade could be done in another currency, Paari suggested.
“This will teach the US a lesson as its decision to recognise Jerusalem as the capital of Israel will have consequences,” the treasurer-general of MIC said.
“Since the Muslim world is blessed with oil, it could be the only practical ‘weapon’ to be used against the United States,” he went on to add.
Earlier this week, U.S. President Donald Trump recognized Jerusalem as the capital of Israel and instructed the State Department to begin to relocate the U.S. Embassy in Israel from Tel Aviv to Jerusalem.
President Trump’s action was met with dismay and anger in the Arab world, and Western allies such as Germany, the UK, and France said they didn’t support the U.S. decision.
Saudi Arabia, OPEC’s largest exporter and de facto leader, expressed “disappointment”.
“The Kingdom of Saudi Arabia followed, with great disappointment, the announcement made by the President of the United States Donald Trump, recognizing Jerusalem as the capital of Israel and relocating the United States’ embassy to Jerusalem,” the Royal Embassy of Saudi Arabia said in a statement on Wednesday.
“The Kingdom expresses its denunciation and deep regret that the administration has taken this step, as it represents a great bias against the historic and permanent rights of the Palestinian people in Jerusalem, which have been affirmed by the relevant international resolutions and have been recognized and supported by the international community,” Saudi Arabia said.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.