Saudi Arabia on Monday denied reports that the kingdom plans to sell its oil in currencies other than the U.S. dollar, Saudi Press Agency (SPA) reported.

The reports that Saudi Arabia is threatening to sell its oil in currencies other than the dollar are inaccurate and do not reflect the kingdom's position on this matter, said the Ministry of Energy, Industry and Mineral Resources.

Saudi Arabia has been trading its oil in dollar for decades which has served well the goals of its financial and monetary policies, it added.

The ministry also reaffirmed Saudi Arabia's commitment to its role as a stabilizing force of energy markets.