Death of US Dollar? Saudi Arabia Excludes Dollar From Oil Sales

The 50-year agreement between the US and Saudi Arabia has come to an end.

The agreement promised the US that Saudi Arabia would sell oil exclusively in US Dollars.

The impending death of the USD

Saudi Arabia has decided to sell their oil in RMB, Euros, Yen, and Yuan. Killing off the exclusivity the US Dollar had enjoyed for the past 50 years. 

Reaction of countries worldwide

China, with India in second place, are stocking up on gold reserves. China is in the process of selling off all its American bonds. 

Russia’s Moscow Stock Exchange has officially suspended all trading in US Dollars and Euros. 

BRICS announces they are in the final phase of complete de-dollarisation among its member states. 

A new global economy is on the rise

For the past 50 years, the agreement between Saudi Arabia and the US has guaranteed its dominance over global trade. 

Instead of gold, the petrodollar became the standard by which currencies would be valued. All of that has come to an end. 

Through BRICS, its member states (Brazil, Russia, India, China, and South Africa) have expressed that it will ensure peace and build an open, non-discriminatory, inclusive global economy that works to co-exist.

Currently, 59 new countries have expressed interest in joining BRICS.