The end of the 50-year US-Saudi petrodollar deal marks a significant shift in global oil trade dynamics. Saudi Arabia's decision to diversify currency accept...
  • jimmydoreisalefty@lemmy.world
    15·
    4 months ago

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    The end of the 50-year US-Saudi petrodollar deal marks a significant shift in global oil trade dynamics. Saudi Arabia’s decision to diversify currency acceptance in oil transactions reduces dependence on the US dollar, reshapes geopolitical alliances, and potentially weakens US economic influence. This analysis explores the historical context, reasons for the deal’s termination, and its far-reaching implications for the US, Saudi Arabia, and the global economy.