📣📣📣📣 BREAKING NEWS 🛑🛑🛑
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|Saudi Arabia does not renew the "petrodollar" agreement with the US.
Saudi Arabia has decided not to renew the "Petrodollar" agreement, ending a 50-year relationship with the United States. The agreement signed in 1974 with Henry Kissinger, as its architect, consisted of the creation of an agreement so that Saudi oil exports would be paid in US dollars.
The alliance has consolidated said currency as
global currency in the energy sector and placed the
Saudis at the top of the trade pyramid and
oil exporter. From 2022, Saudi Arabia
began to breach these agreements, giving China
(its new big buyer) the option of also paying in yuan. Although the agreement could be renewed on June 9, 2024, 50 years after the original signing, the Saudi Kingdom has decided not to make use of the renewal and to operate with complete freedom in the marketing of oil through different currencies.
