The Petrodollar deal has expired.
As part of the effort to maintain the World Reserve Currency dominance of the US Dollar, Sec of State Henry Kissinger in 1974 brokered a 50 year deal with the Saudis for oil trade would be dominated by US Dollars.
This was needed after loss in confidence in the US Dollar after Nixon “temporarily” suspended the Gold Standard in August 1971.
Now there is no Gold Standard and there is no PetroDollar. Another crack in the dominance of the US Dollar.
πΈπ¦ πΊπΈ Saudi Arabia’s 50-year-old petrodollar agreement with the United States has expired, with no new agreement in place.
Saudi Arabia will now sell oil in multiple currencies, including the Chinese RMB, Euros, Yen, and Yuan, instead of exclusively in US dollars. pic.twitter.com/MxdUn8t2ZP
β BRICS News (@BRICSinfo) June 12, 2024