Saudi Arabia ABANDONS the US PETRODOLLAR......June 9, 2024

[harddriver]

Will the US attack Saudi Arabia like the US did Libya and Iraq?


https://www.indiatoday.in/business/...r-for-multi-currency-sales-2552844-2024-06-13

In Short​

• Saudi Arabia ends 80-year petrodollar deal with US
• Deal allowed Saudi oil sales in US dollars only
• Saudi can now use other currencies like RMB, Euros, etc

Saudi Arabia has decided not to renew its 80-year petrodollar deal with the United States, which expired on Sunday, June 9, as per media reports.

This agreement, originally signed on June 8, 1974, had been a key part of US global economic influence.

The deal set up joint commissions for economic cooperation and Saudi Arabia's military needs. Back then, American officials hoped it would encourage Saudi Arabia to produce more oil and strengthen economic ties with Arab countries.

 

[Ben Waylin]

American officials hoped it would encourage Saudi Arabia to produce more oil and strengthen economic ties with Arab countries.

That was never the real plan.

 

[rsm]

enjoy the decline

 

[Laputan Machine]

This probably means we start bombing Saudi Arabia?

 

[Floyd Eye]

Will the US attack Saudi Arabia like the US did Libya and Iraq?


https://www.indiatoday.in/business/...r-for-multi-currency-sales-2552844-2024-06-13

In Short​

• Saudi Arabia ends 80-year petrodollar deal with US
• Deal allowed Saudi oil sales in US dollars only
• Saudi can now use other currencies like RMB, Euros, etc

Saudi Arabia has decided not to renew its 80-year petrodollar deal with the United States, which expired on Sunday, June 9, as per media reports.

This agreement, originally signed on June 8, 1974, had been a key part of US global economic influence.

The deal set up joint commissions for economic cooperation and Saudi Arabia's military needs. Back then, American officials hoped it would encourage Saudi Arabia to produce more oil and strengthen economic ties with Arab countries.

There are many reasons we should attack Saudi Arabia, but no, we won't. We will punish them financially though. I suspect they have weighed the consequences and are betting it will be a net positive, but we'll see.