Saudi Arabia ditches US dollar and will NOT renew the 50 year 'petro-dollar' agreement with the United States.

[Just a civilian pilot]

You guys fell for fake news, The agreement automatically renews every 5 years. Saudi Arabia has not declared non renewing.
Notice how their is not anything on mainstream news?

I am too busy worrying about the story in the news aliens might be living here.

 

[Zee09]

Now Iran can counterfeit someone else's currency.

 

[Vil_Riker]

You guys fell for fake news, The agreement automatically renews every 5 years. Saudi Arabia has not declared non renewing.
Notice how their is not anything on mainstream news?

You might want to learn a little bit more on what is going on.

https://www.reuters.com/markets/currencies/china-saudi-arabia-central-banks-sign-local-currency-swap-agreement-2023-11-20/

 

[LenZee]

You might want to learn a little bit more on what is going on.

https://www.reuters.com/markets/currencies/china-saudi-arabia-central-banks-sign-local-currency-swap-agreement-2023-11-20/

Nowhere does it say SA is ditching the petrodollar. Oil is still priced in US Dollars.
Saudi Arabia would be foolish to give up the security/weapon deals that come from the agreement with the USA.
Fake news is like a cancer, If you don't put a stop to it, It grows.

 

[LenZee]

Even the "National Enquirer" of news has no mention of it.
Their defense in court a few times has basically been "we're not news, we're entertainment, only a complete idiot would believe anything we say."

 

[GON]

Even the "National Enquirer" of news has no mention of it.
Their defense in court a few times has basically been "we're not news, we're entertainment, only a complete idiot would believe anything we say."

What is the National Enquirer of news?

 

[LenZee]

https://html.scribdassets.com/44n0c0718gaf0o3l/images/1-abac023d22.jpg

 

[2strokeNorthstar]

Yeah because things are always instant

Just got oil at Walmart. Same price. Everything must be fine. /s

 

[LenZee]

You would think if this was real news oilprice.com would have it on the front page.

 

[JHZR2]

The USD is the world's reserve currency because its instantly convertible to any other currency. Nothing is actually paid for in dollars, its paid for in "euro-dollars" which is a weird contract term that simply means a contract written where the standard unit of exchange is in dollar terms. No dollars actually change hands.

If I am in China and wish to by Oil from Saudi, I go to a bank which does the exchange rate from Yuan to Dollars then Riyal to dollars, then does the math and tells everyone how much to pay. And takes their cut. The dollars get stored at the respective countries central banks. No dollars actually changed hands between the private parties.

There now skipping the bank. The Central bank will need to hold less dollars, so that is important. But no one wants to hold Yuan or Riyal either. So that has not changed.

The US dollar will die over time like all Fiat currencies, but its self induced.

This was my thought as well.

The US is destroying the dollar, not the Saudis, Chinese, Russians, etc.

The banks make hand over fist in exchange for doing nothing. This is what they will avoid.

Sitting on a pile of currency and self exchanging will provide efficiencies.

 

[edyvw]

You might want to learn a little bit more on what is going on.

https://www.reuters.com/markets/currencies/china-saudi-arabia-central-banks-sign-local-currency-swap-agreement-2023-11-20/

ah yes, one country that is on verge of recession, another that can’t figure oit what else they can do, like anything, if oil demand goes down.
When authoritarian regimes start to do this nonsense, you should know serious problems, at their domestic arena, is brewing.

 

[Propflux01]

You would think if this was real news oilprice.com would have it on the front page.

Not as long as it’s downplayed. Markets can be influenced easily when paranoia gets set in.

 

[UncleDave]

You might want to learn a little bit more on what is going on.

https://www.reuters.com/markets/currencies/china-saudi-arabia-central-banks-sign-local-currency-swap-agreement-2023-11-20/

Meh...Saudis did a swap deal with their biggest customer.

Hopefully the days of US presidents bowing to Saudi kings has come to an end along with protection for their crude.

 

[Zee09]

Watching this now.
About the subject.

 

[Astro14]

Time for a break from the political commentary and bashing.