Mohammed bin Salman Makes Stunning Announcement That Saudi Arabia Will Not Be Renewing 50-Year Old Petro Dollar Deal With United States

06/14/2024

Mohammed bin Salman Makes Stunning Announcement That Saudi Arabia Will Not Be Renewing 50-Year Old Petro Dollar Deal With United States

EndTimesProphecyWatch.com

June 14, 2024

1–2 minutes

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NEWS REPORT:

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

Significant financial upheaval is potentially ahead of the financial world as Saudi Arabia has decided not to renew its 80-year petro-dollar deal with the United States. The deal, which expired on Sunday 9 June, was a cornerstone of the United States global economic dominance.

Originally signed on 8 June 1974, the deal established two joint commissions, one based on economic cooperation and the other on Saudi Arabia’s military needs. At the time, it was said that it heralded an era of close cooperation between the two countries, says Katja Hamilton of BizCommunity.

American officials at the time expressed optimism that the deal would motivate Saudi Arabia to ramp up its oil production. They also envisioned it as a blueprint for fostering economic collaboration between Washington and other Arab countries.