Saudi Arabia says its open to settling trade in other currencies

Bloomberg/Abeer Abu Omar and Manus Cranny/1-17-2023

Graphic image of George Washington as he appears on the one dollar bill“The world’s largest oil exporter, which has maintained a currency peg to the dollar for decades, is seeking to strengthen its relations with crucial trade partners including China. The kingdom is a pillar a petrodollar system established in the 1970s that relies on pricing crude exports in the US currency.”

USAGOLD note: Saudi Arabia’s gesture follows important talks between Saudi Arabia and China on the issue of oil invoicing. Many will deem it important that Finance minister Mohammed Al-Jadaan delivered his comments at the Davos conference – the annual gathering of the world’s business and political elite. It obviously wanted to deliver a message.

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