Saudi Arabia decided not to renew the petrodollar agreement it had had with the United States for 50 years and which expired on June 9.

The country located in Western Asia did not renew the agreement through which it sold oil in US dollars, opening the door to marketing in other currencies, such as the yen, yuan, euro, among others.

The petrodollar agreement was signed in 1974 with Henry Kissinger as its architect. Saudi Arabia maintained the commitment until 2022, when it began to fail to comply with the agreement. The Saudi kingdom made the decision to “handle itself with complete freedom in the marketing of oil through different currencies.”

The change assumed by Saudi Arabia is expected to accelerate the de-dollarization process that the BRICS are already talking about.

M.Pino

Source: canal26

(Reference image source: Delfino Barboza in Unsplash)

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