The financial world is bracing for a significant upheaval following Saudi Arabia's decision not to renew its 50-year petro-dollar deal with the United States, which expired on Sunday, 9 June, 2024.
The lapsed security agreement - signed by the United States and Saudi Arabia on 8 June 1974 - establishes two joint commissions, one on economic co-operation and the other on Saudi Arabia's military needs, and was said to have heralded an era of increasingly close co-operation between the two countries.
American officials at the time expressed optimism that the deal would motivate Saudi Arabia to ramp up its oil production. They also envisioned it as a blueprint for fostering economic collaboration between Washington and other Arab countries.
The last I know all alibaba item price still USD based, hamkaling punya why not use laomao renminbi so not so exp. Ini sarahan China die die wanna usd or priced based in USD. I suggest xipeepee execute jack ma for this
1. Out of 8.514 million barrels of oil per day (bpd) imported by murica in 2023, Saudi only sold 439k bpd to murica. 2. The bulk of imports comes from Americas eg Canada (4423m bpd), Mexico (910m bpd). In fact 84% comes from non-OPEC sources. Source for 1&2, EIA data. 3. China is saudi number 1 export destination (15.5% of exports). 86m tons of crude went to China in 2023, far more than to murica. https://www.stats.gov.sa/sites/default/files/ITR%202023E.pdf
Countries are moving to gas for new adds. Oil has reached peak oil. The murican-saudi oil "deal" is actually irrelevant today. It doesn't make sense for Saudi-China oil sales to be denominated in dollars. It is likely a matter of time before that becomes CNY-denominated esp with the weaponisation of the dollar.
Saudi participation in BRICS was supposed to be the next step in de-dollarisation. Murica has placed enough pressure to deter Saudi at this time. A lot of things happening behind the scenes.
Which is why Mandarin lessons is now compulsory in Saudi Arabia school.
Last month, Saudi Arabia made it compulsory for Mandarin lessons to be taught to secondary class students in public and private secondary schools, the Saudi Gazette news portal reported. This means students coming for the new academic session, which started on August 13 will have to learn Mandarin.
Jun 11 2024, 08:43 AM, updated 2y ago
Quote
0.0216sec
0.83
5 queries
GZIP Disabled