If the oil producing nations sell their oil for dollars and then immediately exchange said dollars to their local currency, this will make the petrodollar a meaningless term.
Saudi Arabia, for example, has signed an official agreement (in the early days of starting their oil industry) with the US government to store all their oil income as dollars in US banks within the United States.
Not giving the US the benefit of the doubt leads me to assume most (if not all) oil producing nations have done the same.
Not A Girl™
npub1aa…eqnwc
2023-09-25 08:30:24
Author Public Key
npub1aaaaun4mmjg7m0zpvdtf35esh20d5fvntddqagxk9fn4tc2cq5tskeqnwcPublished at
2023-09-25 08:30:24Event JSON
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"kind": 1,
"tags": [],
"content": "If the oil producing nations sell their oil for dollars and then immediately exchange said dollars to their local currency, this will make the petrodollar a meaningless term.\n\nSaudi Arabia, for example, has signed an official agreement (in the early days of starting their oil industry) with the US government to store all their oil income as dollars in US banks within the United States.\n\nNot giving the US the benefit of the doubt leads me to assume most (if not all) oil producing nations have done the same.",
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}