Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) - Foreign Affairs - Nairaland
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| Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by WriterNig: 5:54pm On Jun 14 |
 🇸🇦 Saudi Arabia has decided not to renew its 50-year petrodollar deal with the 🇺🇸 United States, which expired on Sunday, June 9, as per media reports. This agreement, originally signed on June 8, 1974, had been a key part of US global economic influence and power. The deal set up joint commissions for economic cooperation and Saudi Arabia's military needs. Back then, American officials hoped it would encourage Saudi Arabia to produce more oil and strengthen economic ties with Arab countries. By choosing not to extend this contract, Saudi Arabia can now sell oil and other goods using different currencies, such as the Chinese RMB, Euros, Yen, and Yuan, instead of only US dollars. There's also talk of exploring digital currencies like Bitcoin for transactions. This decision marks a significant move away from the petrodollar system established in 1972 when the US stopped linking its currency directly to gold. It's expected to accelerate the global trend of using currencies other than the US dollar in international trade. Additionally, Saudi Arabia has joined Project mBridge, a collaborative effort exploring a digital currency platform shared among central banks and commercial banks. This project aims to facilitate instant cross-border payments and foreign-exchange transactions using distributed ledger technology. Project mBridge began in 2021 and involves several prominent central banks and institutions worldwide. It recently reached the stage of Minimum Viable Product (MVP), inviting private-sector firms to propose innovations and use cases to further develop the platform. This move by Saudi Arabia marks the beginning of a major shift in global economic dynamics, though its full implications on international trade and finance remain to be seen. Business Standard || IN Business 63 Likes 8 Shares
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| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by WriterNig: 5:54pm On Jun 14 |
👍🏻 Like for Russia Multipolar World, share for USA UniPolar World 225 Likes 23 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by OkpaNsukkaisBae(m): 5:55pm On Jun 14 |
Now Washington will remember that the Saudi leadership is not a democracy if they fail to renew the petrol dollar deal 308 Likes 15 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by Martinsmine(m): 5:56pm On Jun 14 |
Change is constatnt... dis news no go make dollars come down in naira 65 Likes 2 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by WriterNig: 5:57pm On Jun 14 |
Martinsmine: That one na ur country problem oh. 132 Likes 9 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by Lindlady: 5:58pm On Jun 14 |
They should start dealing in naira. 18 Likes 1 Share |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by helinues: 5:59pm On Jun 14 |
USD in the mud Recession is coming 143 Likes 5 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by MrProlific95: 6:01pm On Jun 14 |
They can't try it, In just about sooner than expected, Bin Salman would be toppled. Although I know the op's propensity for fake news 32 Likes 6 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by WriterNig: 6:05pm On Jun 14 |
MrProlific95: https://metalsedge.com/the-prince-of-saudi-arabia-decides-not-to-renew-the-petrodollar-agreement/ 11 Likes 2 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by Putindbutt: 6:06pm On Jun 14 |
helinues:Says who?. until Saudi Arabi stops tech transfer in dollars or buying weapons in dollars. then i will take them serious. Infact, this does not suggest Saudi is completely jettisoning the dollar, it is more like a shift to accomodate other currencies in cross border transactions. I don't know why we didn't also follow through on our Yuan currency swap. 90 Likes 2 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by christistruth01: 6:09pm On Jun 14 |
Nigeria too should link it's own Currency to Gold instead of Donating it to Zamfara Bandits 136 Likes 1 Share |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by helinues: 6:11pm On Jun 14 |
Putindbutt: Bro, global recession is coming, smart countries are already preparing ahead. US election is just what is delaying the announcement. Anytime from next year, it should be declared 101 Likes 7 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by ShinnBet: 6:14pm On Jun 14 |
MrProlific95: There are rumours coming out of Saudi Arabia about a foiled coup attempt. It's believed the Russians tipped MbS off about a palace coup ochestrated by some disgruntled royals backed by the CIA The coup attempt was because MbS refused to bulge on renegotiating the use of the dollar. MbS decisions could have been influenced by how Russian assets were seized by western financial institutions and the ongoing genocide by Israel on Palestinians supported by Washington. MbS was scheduled to attend the recently and abruptly concluded G7 summit. He did not attend nor send a high level emissary or even provide a written excuse for not coming. You better begin to believe in the demise of empires because you are witnessing the death throes of one in real time. 93 Likes 7 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by Putindbutt: 6:22pm On Jun 14 |
helinues:If at all, global recession will not be determined by what Saudi Arabia do or don't do with the dollar. 17 Likes |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by ShinnBet: 6:24pm On Jun 14 |
helinues: Gbtyo made a thread about this on June 9th and it never made FP. In that thread I was castigated by the now slavish western slaves. There won't be a global recession . It's only those nations still stupid to hold their reserves in USD that are about to get the short end. With 34 Trillion in debt and several trillions in USD floating around, all that now worthless fiat currency is heading back to the US. Weimar levels of hyperinflation are set to hit the US. The scariest bit here is what the US and London in particular will do on the global stage now that their middleman position has been dislodged. I foresee the US and British navy returning to their inglorious roots as privateers sailing the high seas to disrupt economic trade . Coups in the global south ochestrated by Washington and London to keep third world within their sphere. A multipolar world is about to emerge and with it, global proxy wars and another scramble for Africa. The judeo-Anglo-Masonic order will not go down without taking the rest of the world with it. I foresee a tactical nuke attack on the US eastern seaboard which will be blamed on the Russian fleet in the Caribbean. This will be a false flag by the deep state which they will use to justify an all out nuclear strike on Russia and China. Predictions say the above could happen by 18th of June - next week Tuesday. Biden cut his G7 trip back to Washington after all efforts to get the Saudis to reconsider ditching the dollar failed. Insider sources in the WH say articles of war declaration against Russia have been drafted for Dementia Joe to sign and that it will be sent to the US Congress today or by Monday. Shit is literally about to hit the fan. 60 Likes 10 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by jmoore(m): 6:28pm On Jun 14 |
China has trillions of dollars in foreign reserve. Saudi Arabia has more than 400 billion dollars in foreign reserve. Slaves of Putin in Nigeria struggling with a low reserve less than 36 billion dollars are using yeye propaganda to predict fall of dollar. Dollars will continue to be a major player. 52 Likes 4 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by ShinnBet: 6:32pm On Jun 14 |
Putindbutt: You don't get it do you? Saudis supply 11-12 million barrels of crude to the international market every single day. The demand and order for Saudi crude is done on a 30 day supply inventory . So if you wanted 100k barrels of crude for 30 days you have to source for dollars . This alone makes the dollar in strong demand as crude is an essential resource commodity in today's world. The Russians supply same volume and it was once priced in same dollars until the stupidity of so-called sanctions on Russians effectively drove Putin to bypass the dollar all together. Now take out Saudi pricing in USD and the demand for dollars crashes. Country A that once bought crude from Saudi and Russia in USD had to keep their reserves in western banks in said USD. That reserve not only creates pressure on demand for USD but also adds liquidity to western financial gambling dens aka stock markets and treasury bills and bonds. Take away the dominance of US as the Petrodollar and no one will have any need to convert their currencies to USD. 119 Likes 7 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by pyyxxaro: 6:36pm On Jun 14 |
That’s a MANLY DECISION 12 Likes 2 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by muyico(m): 6:37pm On Jun 14 |
they get more than enough already 1 Like |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by famouscargo4u: 6:37pm On Jun 14 |
WriterNig: |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by ShinnBet: 6:40pm On Jun 14 |
jmoore: China can afford to walk away from it. Remember , they are the ones who actually make shit the world needs . As for Saudis, their cash reserves in the US has since been liquidated and converted to bullion bars that are securely stored in a Siberian vault. No one even trusts the US in holding their gold. Germany demanded some years back to recoup back some of their gold stored in Fort Knox but all their attempts were waived aside. When they even demanded to see their gold in the vaults , they were still denied. It's believed that there is no gold left in Fort Knox and that all or most of it has found its way to Israel were it was supposed to be stored in the future Third Temple. There is a reason Lord Rothschild faked his death as now chilling in an underground mountain bunker in New Zealand. 36 Likes 5 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by GeneralPula: 6:46pm On Jun 14 |
Doesn’t change anything.. Their top leaders are still keeping their loots in USD. All these ones nah just para.. 11 Likes 1 Share |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by GeneralPula: 6:47pm On Jun 14 |
jmoore:You forgot to add that their leaders all are keeping their loots in USD.. 5 Likes |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by Putindbutt: 6:48pm On Jun 14 |
ShinnBet, i'm sorry but i disagree. if Russian's gas currency shift could not tumble the US economy, much less crude oil. African crude is smartly waiting for US/Europe. 7 Likes 1 Share |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by WriteerNg: 6:49pm On Jun 14 |
GeneralPula: And what happened to gold bars and landed properties? You're ignorant. You think China is like Nigeria. Execution is 100% guaranteed if you siphon government money. 13 Likes 3 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by WriteerNg: 6:52pm On Jun 14 |
Putindbutt: You overrate yourselves in Africa. Where's the infrastructure to deliver the crude? Lol 9 Likes 2 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by ShinnBet: 6:53pm On Jun 14 |
Putindbutt: That's because the stock markets in the west now operate solely on faith . Give it some time, all that USD is going to find its way back to the US and with US basically a service economy wholly reliant on imports that are paid by printed USD, all that is soon to end. The fact that mainstream western media are playing the ostrich about this black swan event shows that they are complicit in keeping the shell game going. Give it a few more weeks when Saudis begin to sign deals with EU and Asian countries in their equivalent currencies . We are in the 🐸 frog in boiling water 💦 stage. 30 Likes 4 Shares |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by Golan007: 6:57pm On Jun 14 |
Another war looming. 2 Likes 1 Share |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by BobbieZion(m): 7:00pm On Jun 14 |
1974 - 2024. How is it an 80 year agreement? 1 Like |
| Re: Saudi Arabia Ends Sales Of Oil In U.S Dollars, Cancels 50 Year Agreement (Photo) by Leetunechi: 7:02pm On Jun 14 |
Please help me with anything to eat God bless the giver 9131228386 Opay |
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