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Reports circulated widely online late last week that a secret 50-year-long “petrodollar” agreement between Saudi Arabia and the U.S. expired, though the story has since been labeled false., “petrodollars” are “crude oil export revenues denominated in U.S. dollars.” In 1974, the U.S. and Saudis entered into a secret agreement in which the U.S. promised the Kingdom military aid in exchange for the investment of its petrodollars in U.S. Treasurys.
The collapse of the accord would inevitably deal a fatal blow to the U.S. dollar’s status as the de facto global reserve currency, various commentators on...Saudi Arabia’s 50-year petrodollar agreement with the US expired on Sunday, June 9, 2024, giving Saudi Arabia the freedom to sell oil in various currencies. Saudi Arabia’s decision not to renew its contract allows for the sale of oil and goods in multiple currencies, like the Chinese RMB, Euros, Yen and Yuan.
Saudi Arabia’s shift to other currencies is expected to hasten the global movement away from the dollar.that highlights survey data on topics on which Americans largely agree. Its goal is to correct political misperceptions, highlight common ground, and help people feel calmer and more united.
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