January 12, 2024 - While most investors were fixated on Jerome Powell & Co. this week, trying to gauge the Federal Reserve’s next moves in light of recent bank failures, something interesting occurred in Moscow.

Copied from Chuck Cowan: Saudi Arabia will now sell oil in multiple currencies, including the Chinese RMB, Euros, Yen, and Yuan, instead of exclusively in US dollars. Russia has enforced an immediate suspension of trading in U.S. dollars on its stock exchange. (George Papadopoulos) The...

July 12, 2024 - As with the cessation of the multi-year Saudi-US petroldollar agreement, there is an anticipation that dollar demand could see a decline globally. Some analysts feel that there is a threat to its value as well. Get more World Economy News and Business News on Zee Business.

April 25, 2019 - In 1974, a legendary bond trader from Salomon Brothers brokered a covert do-or-die deal that would reshape U.S. – Saudi relations for generations, and not become public knowledge until a report from Bloomberg in 2016. It was July 1974 when newly appointed U.S. Treasury Secretary William Simon ...

June 17, 2024 - Stories about the collapse of a longstanding “petrodollar” agreement between the U.S. and Saudi Arabia spread like wildfire on social media. But the agreement never existed.

1 week ago - By 2016, many oil exporting countries had been adversely affected by low oil prices including Russia, Saudi Arabia, Azerbaijan, Venezuela and Nigeria. The petro, or petromoneda, launched in February 2018, is a cryptocurrency developed by the government of Venezuela.

November 1, 2022 - The US government has responded to an oil production quota cut announced by the OPEC+ grouping of oil exporters by vowing to "re-evaluate" its relationship with Saudi Arabia.

April 18, 2023 - What would happen if Saudi Arabia joined Russia in abandoning dollars in oil pricing? It’s time to ask.

June 9, 2024 - The Biden administration is close to finalizing a treaty with Saudi Arabia that would commit the U.S. to help defend the Gulf nation as part of a deal aimed at encouraging diplomatic ties between Riyadh and Israel, the Wall Street Journal reported on Sunday, citing U.S. and Saudi officials.

June 14, 2024 - The US-Saudi Arabia petrodollar deal has ended after 80 years. Read on to learn about the history of the deal and what petrodollars are.

April 13, 2022 - In the previous article, we gave a brief connotation of the background of the modern petrodollar system and the introduction of a system in which dollars were “backed by gold” — an arrangement put in…

August 13, 2023 - As part of negotiations for Saudi Arabia to recognize Israel, the United States is demanding that Riyadh keep pricing its oil in dollars, not China's renminbi or other currencies.

The petrodollar came into existence in 1973 in the wake of the collapse of the international gold standard which was created in the aftermath of World War II un

August 26, 2023 - Flashback to a 1974 US-Saudi deal that turned the dollar into an American weapon

January 17, 2023 - Saudi Arabia is open to discussions about trade in currencies other than the US dollar, according to the kingdom’s finance minister.

The US dollar extremely got overvalued; the overvaluation led to the unbalance in the American trade conditions. Moreover, the Vietnam War has made the Federal Reserve print more money, which made the idea of converting dollars into the US gold impossible. In addition, gold producers themselves, ...

June 14, 2024 - On June 9, the 50-year-old petrodollar agreement between the US and Saudi Arabia — one of the keystones of America’s post-war global hegemony — was allowed to expire. Or was it?

The financial markets are bracing for disruption now that Saudi Arabia decided not to renew its 50-year petrodollar partnership with the United States, MSN reports.