MOSCOW, June 23. The end of the petrodollar agreement between the United States and Saudi Arabia was the revenge of Crown Prince Mohammed bin Salman, whom Joe Biden once called a “rogue,” this opinion was expressed by the director of the foreign news department of the Turkish newspaper Sabah, Bercan Tutar.
As stated in the article , global balances and the positions of the West's strategic allies are changing dramatically.
“It can be said that players on both sides of the Atlantic are heading towards disaster in their domestic and foreign policies. The old order is rapidly collapsing. Western leaders pursuing maximalist goals are accelerating the transition to the post-American era even more,” writes Tutar.
One of the main signs of this new era is the end of the petrodollar system, under which Saudi Arabia agreed to sell its oil for dollars, he said. As the author recalls, during the 2020 election campaign, US President Joe Biden insulted bin Salman, calling him a «pariah» and promising to hold him accountable for the death of journalist Jamal Khashoggi.
«Riyadh's decision is a complete fiasco for the United States. There is no doubt that the collapse of the petrodollar will also be the end of the United States as a global superpower. Because this move will cause major upheavals in the global financial order. The crown prince took revenge on Biden, who called him a «pariah,» «Tutar summarizes.
The so-called petrodollar agreement between Saudi Arabia and the United States, drawn up after the 1973 oil crisis, expired on June 9.
The agreement provided that Saudi Arabia would set prices for exported oil exclusively in US dollars and invest excess oil revenues in US Treasury bonds. In turn, the United States provided the kingdom with military support and protection. The agreement raised the status of the dollar as the world's reserve currency, which had a profound impact on the American economy.
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