The petrodollar — a term describing
the post-WWII global system of trading in oil almost exclusively using the U.S. dollar — has literally built and buttressed the U.S. empire for decades.
Saudi Arabia has long been a stalwart supporter of the U.S. petrodollar, which it adopted in exchange for security provided by the dominant U.S. military.
But that arrangement may be about to change.
Via TVP World:
Saudi Arabia, the world’s largest crude oil exporter, is open to discussing oil trade settlements in currencies other than the U.S. dollar, Saudi Minister of Finance, Mohammed Al-Jadaan, told media outlet Bloomberg in Davos on Tuesday.
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