Saudi Arabia Shifts Oil Sales Currency Amid Expired Petrodollar Agreement
After 50 years, Saudi Arabia's petrodollar agreement with the US has expired. This change allows oil to be sold in multiple currencies, including RMB, Euros, Yen, and Yuan, marking a significant shift towards diversification for Saudi Arabia's economy.
Thu, 13 Jun 2024
As of late, Saudi Arabia has seen its 50-year-old agreement with the United States regarding petrodollars expire, leaving room for new opportunities.
This development has led to a significant shift in the way oil sales are conducted. Gone are the days when oil was sold exclusively in US dollars; instead, Saudi Arabia will now be selling its oil in multiple currencies, including the Chinese RMB, Euros, Yen, and Yuan.
🇸🇦 🇺🇸 Saudi Arabia's 50-year-old petrodollar agreement with the United States has expired, with no new agreement in place.
— BRICS News (@BRICSinfo) June 12, 2024
Saudi Arabia will now sell oil in multiple currencies, including the Chinese RMB, Euros, Yen, and Yuan, instead of exclusively in US dollars. pic.twitter.com/MxdUn8t2ZP
The implications of this shift are far-reaching, extending beyond the borders of Saudi Arabia itself. As the world's largest oil producer, its decisions have significant consequences for global markets and economies.
As the situation continues to unfold, one thing is certain: the expiration of Saudi Arabia's petrodollar agreement marks a significant turning point in global energy markets.
Published by Chronicles Of India. Scroll down to read more
