3 weeks ago - Petrodollars are US dollars exchanged for crude oil exports. The deal, which was struck between Saudi Arabia and the United States in 1974 in the aftermath of an oil crisis, allowed Washington a steady flow of crude and a market to buy its debt while the Kingdom would get military aid and equipment.

3 weeks ago - Saudi Arabia has decided not to renew its 50-year petrodollar deal with the United States, which expired on Sunday, June 9, as per media reports. This agreement, originally signed on June 8, 1974, had been a key part of US global economic influence. The deal set up joint commissions for economic ...

3 weeks ago - Perhaps the closest thing to a petrodollar deal was a secret agreement between the U.S. and Saudi Arabia reached in late 1974, which promised military aid and equipment in exchange for the Kingdom investing billions of dollars of its oil-sale proceeds in U.S. Treasurys, Donovan said.

May 30, 2016 - How a legendary bond trader from Salomon Brothers brokered a do-or-die deal that reshaped U.S.-Saudi relations for generations.

Saudi Arabia has announced its involvement in Project mBridge...

3 weeks ago - There was also a 1974 agreement ... indicate an end date. So, what was the 1974 treaty about? A simplistic summary is that the United States agreed to sell Saudi Arabia high tech weapons....

3 weeks ago - This agreement, first established in 1974, required oil sales from Saudi Arabia to be conducted exclusively in US dollars. The expiration of this pact marks a significant shift in global financial dynamics, potentially impacting the dominance of the US dollar in the oil market.

1 week ago - German vehicle factory for Daimler, whose largest consistent shareholder since 1974 has been Kuwait · Itaipu Dam between Brazil and Paraguay, financed by loans from petrodollar bank deposits in the 1970s · Pakistan's Faisal Mosque, constructed 1976–1986, a gift from Saudi Arabia's King Faisal

3 weeks ago - In 1974, amid an oil crisis and skyrocketing prices due to OPEC sanctions, the US and Saudi Arabia struck a crucial deal. The US agreed to buy oil from Saudi Arabia and provide military aid and equipment, while the Saudis would invest their petrodollar revenue back into the US economy.

Answer (1 of 5): I am sure the US saw it coming, decades ago. That is why they invented Tesla and pivoted to Electric and renewable energy. CEER Foxconn: A Saudi Electric Vehicle: Saudi ambition is to become a global player in the market Lucid An American firm is also co-owned by Saudi Royal. ...

US imports of Saudi oil are at historic lows, Chinese purchases of Saudi oil continue to grow, and Russian-Saudi energy interests have fully converged. If it's 'all about the economy,' then Saudi-US ties may never quite recover.

3 weeks ago - Originally signed on 8 June 1974, the deal established two joint commissions, one based on economic cooperation and the other on Saudi Arabia's military needs. At the time, it was said that it heralded an era of close cooperation between the two countries, says Katja Hamilton of BizCommunity.

We examine the rise of petrodollars and their influence on the USD as a global reserve currency.

June 9, 1974 - US and Saudi Arabia on June 8 sign wide-ranging mil and econ agreement; Sec Kissinger and Deputy Premier Prince Fahd Ibn Abdel Aziz sign agreement; Kissinger says accord is 'milestone' in US relations with Saudi Arabia and with Arab countries in general; Fahd says accord is 'excellent opening' ...

A petrodollar agreement with the United States and Saudi Arabia has expired. As per reports, the Gulf nation has decided not to renew the deal that expired on June 9. The move can be seen as a global finance paradigm shift from the USD as a reserve currency. The termination of the deal may ...

3 weeks ago - Saudi Arabia is rumoured to be dropping the US dollar for the Chinese yuan, but are the reports correct?

Petrodollars are U.S. dollars earned from crude oil exports. Read about petrodollar recycling and the history of the petrodollar.

3 weeks ago - Saudi Arabia has decided to not renew the petrodollar agreement signed in 1974, under which it sold oil exclusively in US Dollar

The 50-year-old petrodollar agreement between the U.S. and Saudi Arabia was just allowed to expire. The term "petrodollar" refers to the U.S. dollar’s role as the currency used for crude oil transactions on the world market. This arrangement has its roots in the 1970s when the United States ...