Skip to main content

World moving rapidly towards de-dollarization

WND: Saudi Arabia has officially ended its 50-year petrodollar agreement with the U.S. and will now be accepting multiple currencies to purchase its crude oil.

According to a report from the Atlantic Council, Saudi Arabia announced on June 13 that it will not be renewing its agreement with the U.S., which was signed in 1974 during the Nixon administration, to sell oil exclusively in U.S. dollars.

As Hung Tran, a non-resident senior fellow at the Atlantic Council’s GeoEconomics Center, stated in the report, the move is a step towards de-dollarization, although for the foreseeable future the U.S. dollar will remain dominant.

“Saudi Arabia’s decision marks a small but symbolic step down the road toward de-dollarization. Increasingly, countries are using their own currencies in cross-border trade and investment transactions. The arrangements necessary to do so exist entirely outside the influence of any major power,” Tran wrote.

This comes as the New Development Bank, developed by BRICS countries – which added Saudi Arabia to its membership as of January 2024 – announced it will be considering funding for infrastructure and development projects to non-members as well, like the African nation of Kenya. Read More…

Opinion: Whoa, Nellie, the New Development Bank or BRICS+ Development Bank describes itself thusly:

The New Development Bank finances projects and innovates tailored solutions to help build a more inclusive, resilient, and sustainable future for the planet.

What we have here is a step by step assault on the US dollar’s world reserve status, and it is being classified as a minor issue by major world press.

Our post from last Friday:

How Did US and Saudi Petrodollar Agreement Crash and Burn?

In 2019 candidate Joe Biden campaigned on destroying Saudi influence in the world

In 2021 Biden stepped up anti-Saudi attacks over the 2018 murder of journalist Adnan Khashoggi

In 2021 Biden snubbed MBS 

In 2022 MBS stopped talking to Biden 

In June 2023 Antony Blinken began a gay blitzkrieg on the Saudis 

On January 1, 2024 the Saudis joined the BRICS+ 

BRICS+ Development Bank, de-dollarization, MBS, petrodollar, world reserve currency