Saudi Arabia opts out of renewing petro-dollar arrangement with the US?

[Why-Fi]

Saudi Arabia has announced its involvement in Project mBridge

Saudi Arabia has announced its involvement in Project mBridge...

www.bizcommunity.com

The financial world is bracing for a significant upheaval following Saudi Arabia's decision not to renew its 50-year petro-dollar deal with the United States, which expired on Sunday, 9 June, 2024.

The crucial decision to not renew the contract enables Saudi Arabia to sell oil and other goods in multiple currencies, including the Chinese RMB, Euros, Yen, and Yuan, instead of exclusively in US dollars. Additionally, the potential use of digital currencies like Bitcoin may also be considered.

This latest development signifies a major shift away from the petrodollar system established in 1972, when the US decoupled its currency from gold, and is anticipated to hasten the global shift away from the US dollar.

 

[Mook]

Huge news. We need to put our foot on their necks, let me know they only up cause we allow them.

 

[F*ckthemkids]

Guess it's time for Alphabet gang to get shyt crackin in Riyadh

 

[RageKage]

Interesting, def a big story. Let's see how this plays out.

*Not seeing this reported elsewhere

 

[levitate]

We need to completely end energy dependence on external sources.

1. Drill the shyt out of internal sources, fukk whoever land it goes over
2. Significantly increase mini-nuclear power plants
3. Significantly increase investments in solar and wind
4. Significantly increase EV and EV battery production and investments

 

[Fukwatutalkinwatisaylaw]

We need to completely end energy dependence on external sources.

1. Drill the shyt out of internal sources, fukk whoever land it goes over
2. Significantly increase mini-nuclear power plants
3. Significantly increase investments in solar and wind
4. Significantly increase EV and EV battery production and investments

Why don't we just retrofit solar panels and put them on top of our cars to make the car EV?

 

[IIVI]

I don't think it's as big of an issue and I brought it up during the Israel and Iran recent conflict, although still significant.

It's why America has pulled away significantly from the Middle East and is more focused on Asia/Oceania and their electronics industry now. That's honestly where the future is heading.

 

[Piff Perkins]

US has been putting their dikk on the table lately and his kind of cornered OPEC.



If only Iran would play along, it's clear the US wants to continue increasing our production until Biden/democrats can cut another deal with Iran that further freezes out Saudi Arabia.

 

[Richard Glidewell]

 

[voltronblack]

I don't think it's as big of an issue and I brought it up during the Israel and Iran recent conflict.

It's why America has pulled away significantly from the Middle East and is more focused on Asia and their electronics industry now. That's honestly where the future is heading.

Your right it start with

The American Pivot to Asia | Brookings

At the 2011 Asia-Pacific Economic Cooperation Summit held last month in Honolulu, the message President Obama delivered was loud and clear: America is going to play a leadership role in Asia for decades to come. However how realistic is the President's new strategy toward Asia, and how is it...

www.brookings.edu

he Obama administration’s overall posture toward Asia has in fact evolved considerably over the course of the past couple of years. President Barack Obama laid out the result in its fullest form last month, as he traveled to Honolulu, Australia, and Indonesia for a series of major meetings. The message of this remarkable trip warrants careful examination, as it articulated an integrated diplomatic, military, and economic strategy that stretches from the Indian subcontinent through Northeast Asia — and one that can profoundly shape the U.S.-China relationship. The core message: America is going to play a leadership role in Asia for decades to come.

The U.S. media portrayed this message as directed solely at confronting China in Asia, but it is in fact much more complex than that. How realistic is the strategy the president articulated, and how is it likely to affect U.S.-China relations and the roles of both countries in Asia? Does America have the resources to make good on the rhetoric concerning this historic “pivot”?

What Has Changed?

Obama came into office as avowedly “the first Pacific president,” convinced that George W. Bush’s administration had paid too little attention to Asian regional issues and that the United States should restore and then enhance its traditional level of engagement there. Efforts accelerated as China’s Asia policy became more hard edged during 2010 and as, during 2011, the United States’ military involvement in Iraq and Afghanistan significantly declined.

 

[cyndaquil]

Oh no a locker room politics thread? What could go wrong?

 

[50CentStan]

Embargo saudi oul so the price of oil can shoot up higher please

 

[Mowgli]

They got off light for financing 911

 

[Pull Up the Roots]

People should actually read the article to understand that this is likely not true. While this would be a huge development, no one is reporting on it outside of sites like the one in the OP (BRICS/Russia friendly), as well as random crypto websites and YouTubers. It's seems impossible to find any info on a 50 year agreement too.

 

[Mowgli]

Theyre going multi currency not a full exit from the petro dollar.

Makes sense. The us wants to be free from oil and is beefing on that side of the planet. Saudis want to be everyones friend so they can remain neutral while the big dogs fight

Us wants to tell the world to stop using oil so the saudis dont have anyone to sell to after their relationship with the US ends.