Saudi Arabia will sell oil and gas in non USD currencies

Yugocean

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Mohammad Al-Jadaan, the finance minister of Saudi Arabia, has announced that the country will henceforth sell its oil and natural gas in non-USD currencies. Saudi Arabia is the largest exporter of crude oil, and other Gulf countries are expected to follow suit.


Source - Bloomberg

 

Shavkat

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That is something new to bear in mind. It seems this country is trying to prove something across the globe. We cannot do anything but to go for it.

 

nomad

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Does anybody remember what happened to Iraq after it stopped selling oil for USD?

 

Yugocean

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nomad said:

Does anybody remember what happened to Iraq after it stopped selling oil for USD?

Click to expand...

USA will put sanctions or what?
US isn't ready for gulf war.

 

flower

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The the issue of using US dollars as a standard of measurement and as a standard of buying things in the international market has continued to make dollar more stronger each day and I don't think it is necessary to use it.

 

eldavis

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Before our eyes Saudi Arabia is gradually becoming bigger and stronger when it comes to power. The rate at which they are growing is something else honestly and before you know it they would be a great power to contend with in the world.

 

Niyi Briggs

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The truth is that no matter how much they try, the dollar is the currency for international trade among so many countries. This won't affect the strength of the dollar much.

 

IB D

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The disdain the middle east have for the West is about to take the route of economic witch hunting. Be that as it may, the dollar would still be the international currency because most industrial nations recognize it.

 

Heatman

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The United States dollar is one of the most powerful currency in the world which is why if you want your business to be active globally you will definitely deal in US dollars.

 

Authenticity101

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Why are they avoiding the US dollar yet it is a very powerful currency? I think they will soon rethink this decision and go back to selling the oil for USD in order to find value.

 

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Bisolami

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Yugocean said:

Mohammad Al-Jadaan, the finance minister of Saudi Arabia, has announced that the country will henceforth sell its oil and natural gas in non-USD currencies. Saudi Arabia is the largest exporter of crude oil, and other Gulf countries are expected to follow suit.

View attachment 856
Source - Bloomberg

Click to expand...

A lot of countries are used to USD that they now rely on it so much and countries like China and now trying to stop that including Dubai
That's a good step though

 

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All of these countries have aligned with Russia to fight against the powers of the United States through it's economy. But the US is more robust than that.