Saudi Arabia Drifts Away From Washington And The Dollar – Analysis
==========
Saudi Arabia has been increasingly moving away from the US orbit in recent years, reflected in an increased willingness to settle oil deals in non-dollar currencies. The reports of the decline of the petrodollar reflect a real-world trend, pointing to an overall and significant decline in US global influence. The petrodollar deal, dating from 1974, between the US and Saudi Arabia under which the Saudis agree to sell oil only for dollars, is under threat. The Saudis have been engaging in non-dollar oil trades since January 2023 and have been solidifying trade relations with Russia and China. The Saudis have also participated in a China-brokered deal to re-establish diplomatic relations with Iran, which is seen as a blow to US influence in the region. The cooling relationship between Riyadh and Washington is evidence of an ongoing relative decline in US control over global currency markets and the geopolitical order.
#SaudiArabia #UssaudiRelations #Petrodollar #GlobalInfluence
https://www.eurasiareview.com/16062024-saudi-arabia-drifts-away-from-washington-and-the-dollar-analysis/
Eurasia Review /
npub1wc…jzsfw
2024-06-16 02:10:45
Author Public Key
npub1wc7d8ck45cw5jgdwx6du933w2eqtgpmyvxgk6wtmzdghtpwrx2cqejzsfwPublished at
2024-06-16 02:10:45Event JSON
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"content": "Saudi Arabia Drifts Away From Washington And The Dollar – Analysis\n==========\n\nSaudi Arabia has been increasingly moving away from the US orbit in recent years, reflected in an increased willingness to settle oil deals in non-dollar currencies. The reports of the decline of the petrodollar reflect a real-world trend, pointing to an overall and significant decline in US global influence. The petrodollar deal, dating from 1974, between the US and Saudi Arabia under which the Saudis agree to sell oil only for dollars, is under threat. The Saudis have been engaging in non-dollar oil trades since January 2023 and have been solidifying trade relations with Russia and China. The Saudis have also participated in a China-brokered deal to re-establish diplomatic relations with Iran, which is seen as a blow to US influence in the region. The cooling relationship between Riyadh and Washington is evidence of an ongoing relative decline in US control over global currency markets and the geopolitical order.\n\n#SaudiArabia #UssaudiRelations #Petrodollar #GlobalInfluence\n\nhttps://www.eurasiareview.com/16062024-saudi-arabia-drifts-away-from-washington-and-the-dollar-analysis/",
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