Saudi Arabia says its open to settling trade in other currencies
“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.