Saudi Ready For Oil Trade in China’s Yuan! End of the Petro Dollar?

1 year ago
2.42K
Finance

The petrodollar is important because it is the practice of countries around the world using the US dollar to buy and sell oil. This began in the 1970s as a result of a deal between the US and Saudi Arabia, where the US agreed to provide military protection to Saudi Arabia in exchange for the country's agreement to price its oil in dollars and to invest its excess oil profits in US Treasury bonds. This arrangement helped to make the dollar the dominant global currency and ensured a steady demand for US dollars around the world.

The potential for oil trading between Saudi Arabia and China in yuan (the Chinese currency) is a blow to the petrodollar because it would reduce the need for countries to hold large amounts of US dollars in order to buy oil. This could lead to a decrease in the demand for dollars and a decrease in the value of the dollar. If this trend were to continue and more countries began trading oil in other currencies, it could potentially weaken the dollar's status as the world's dominant reserve currency.

TOPICS AND TIMESTAMPS:
Saudi and China 0:00
China vs the World 7:38

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