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What happened to the petrodollar agreement between US and Saudi Arabia?
Does Saudi Arabia have a 'petrodollar' deal?
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Did US-Saudi petrodollar agreement expire?
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Jun 17, 2024 · A comprehensive US-Saudi Arabia deal may place the world’s largest crude exporter firmly in the dollar camp, experts say, amid speculation that the kingdom could end oil sales in the currency. US President Joe Biden's administration is close to signing a security deal with the kingdom, according to a Wall Street Journal report that quoted ...
5 days ago · The potential end of a watershed trading agreement between the US and Saudi Arabia would be a hit to the dollar's oil-market supremacy, and offer a symbolic win for de-dollarization, the Atlantic ...
Jun 17, 2024 · Reports emerged that an agreement signed between Saudi Arabia and the US in 1974, being termed as the 'petrodollar deal', was not renewed and expired on June 9, 2024. The economist explained that the arrangement may have been made due to Saudi Arabia's need to invest the excess revenue from its oil sales.
Jun 17, 2024 · 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.
Jun 14, 2024 · The established financial world order of the past 50 years is now transitioning to a new and unknown paradigm as the petrodollar agreement between the U.S. and Saudi Arabia was allowed to expire this past Sunday.
Jun 20, 2024 · There is no official agreement between the United States and Saudi Arabia to sell oil in US dollars. As countries from the BRICS group and regions including the Middle East and Asia increase the use of local currencies for cross-border payments, there is a growing perception that the dollar’s importance in international finance is ebbing ...
Jun 14, 2024 · The US-Saudi Arabia petrodollar deal, a pivotal arrangement in global finance, has ended after 50 years. This landmark deal, initiated on June 8, 1974, facilitated the exchange of US dollars for crude oil exports, bolstering the dollar's dominance.
