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Dollar dominance could end as Riyadh chooses not to renew U.S. oil deal

Saudi Arabia has reportedly decided not to renew its 80-year petro-dollar deal with the U.S., marking a significant shift with potential implications for the oil market.




The deal, which expired on June 9, had long been a cornerstone of U.S. global economic dominance.
 

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READER COMMENTS BELOW

18 Responses to “Dollar dominance could end as Riyadh chooses not to renew U.S. oil deal”

  • Singaporean R Free Rider:

    That’s why it is important to consistently evaluate your country interest and needs to stay in line with the change in environment.

    1. 80 years ago U$ is major importer of Saudi oil
    2. 80 years ago U$ had strongest armed forces in the world to offer Saudi protection.

    Fast forward today,
    1. U$ is no longer a major oil importer.
    2. Saudi and Iran had resolved their differences and Saudi no longer need U$ protection.

    Situation had changed and now Saudi can afford to stop the agreement.

    Compare Saudi to Singaporean Opposition supporters who are still stupidly stuck in the past and not wanting to upgrade their skills to stay in line with the job market.

    All Opposition supporters want is free handouts from our great PAP government.

    Opposition don’t want to take responsibility for their lives.

    This is the true face of Opposition, loud and foul mouth and feel entitled.
    https://youtu.be/-XQr7WepVrA

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  • Observer:

    When US banking sector consolidates to an oligarchy, the oligarchy banks no longer need to care about the feelings of the American consumer.

    Policies seem to push for an oligarchy of restaurant chains to dominate the US F&B market.

    I hope Tech companies and Media companies can influence young European women to fornicate with me.

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  • Singaporean R Free Rider:

    In God We Trust America must invade Saudi just like they invade Iraq to stop Saudi from using mbridge to bypass current SWIFT system.

    https://www.bis.org/about/bisih/topics/cbdc/mcbdc_bridge.htm

    In God We Trust Americunt what lies you going to use this time?
    https://youtu.be/ALYPqniYssM

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  • dave:

    Tough negotiations and coercion are now being held in Riyadh to pressure the Saudis to renew this agreement. MBS’s life is at stake as he could be assassinated by the Americans like Saddam Hussein and Muammar Gaddafi.

    The American terrorists would not take no for an answer. There are many American soldiers in Saudi Arabia, supposedly to protect Saudi Arabia, like all American bases in American colonies like Japan and the Philippines, but with the primary job to assassinate leaders that would not do the bidding of the Americans.

    Pray that MBS would survive this ordeal. Marcos would be safe as he volunteers to be a good boy and doing very well to turn the Philippines into another Ukraine.

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  • Matter of when not if, hope it happens soon. The US needs to be taught a hard lesson, I am sure the world is sick and tired of the US’s constant “I am God” bull of a shit.

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  • SINGAROAR:

    Finally, a country said no to the Americans. Saudi Arabia was being forced to have diplomatic relations with Israel but has since refused because of the genocide in Gaza. If every Arab country says no to the Americans, it will remove the arrogance of the Americans. They may think twice about funding wars and may retreat from the Middle East.

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  • rice:

    So,how to “Make America Great Again” liddat say?
    U$A is “great” becos of “Mighty” u$d besides military.
    Actually,if any country has DEBT LEVEL$$$ like ‘Great’ u$a would have their currency smashed like “Spam”.
    U$A is biggest world debtor,even owes BIGLY to CHINA whom it wants to BULLY.

    People see how u$a can suka-suka “FREEZE”(MAKAN) OTHER PEOPLE’S ASSETS like Russsia’s,people also worry when u$a siks suka buay song over any reason???

    Anyway,it is Saudi’s OIL,NOT USA’s oil.
    It is up to S.Arabia to price in any currency it wishes.
    It is a wise move simply based on Economic Rationality alone,me would say.
    U$D should be a “banana” currency long ago.
    Trillions of debt laden and yet u$d is “artifiicially” held up so strongly.
    And,when needed, just KEEP PRINTING NON-STOP BATCHES AFTER BATCHES OF DOLLARS?!

    Maybe OUR G can try to do likewise???
    Then,no need to RAI$E GST TO COVER THE $100BILLION HOLE.

    IF,AND ONLY IF,ANY OTHER COINTRY CAN SUKA SUKA PRINT MONEY LIKE GREAT U$A!
    REMEMBER WHY ANGMOHS TRASHED ASIAN CURRENCIES DURING “AFC”(Asian Financial Crisis)?
    Angmohs said because of ASIAN COUNTRIES’ DEBT PROBLEMS!
    Wow!wow!Damn SOLID REASON.
    BUT THAT DOES NOT APPLY TO MIGHTY U$A???!

    Yeah,GO AHEAD,”MAKE AMERICUNT$ GREAT AGAIN ” AND AGAIN AND AGAIN.

    IN ‘$’ WE TRUST.
    GOD IS BEING REPLACED AND DISPLACED,”MARGINALI$ED” BY ANGMOH$…

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  • dave:

    Saudi Arabia must be prepared for a false flag incident with a cruise missile hitting MBS’ palace to kill him. Now with Iran out of the picture, the American terrorists cannot put the blame on Iran or the Yemenis.

    What other ploys, no WMD excuses? Using a wrong map may be pushed out. Or an American soldier in an American base inside Saudi Arabia pushed the wrong button, or gone berserk. Or a personal guard of MBS being bought over and pulled the trigger.

    Or an Israeli missile supposedly to hit an Iranian missile went off course and hit MBS.

    What else is new?

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  • 慢慢变得无所谓的美元!:

    金砖国家早已投入运作,要用自己的货币进行交易。

    今年金砖国家的轮值主席国是俄罗斯。再过一两个月就要招开金砖国家首脑会议。本货交易的进程肯定会被进一步的讨论和实施。

    沙地阿拉伯现已是金砖成员国。他们拒绝用美元来作石油交易肯定是得到金砖国家的大力支持。毕竟现在沙地阿拉伯的石油最大买家就是中国。

    俄罗斯早就不用美元和欧元了。巴西也在鲁拉的带领下大力跟进。看起来美元会慢慢的变得越来越无所谓。

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  • Singaporeans R Free Riders:

    I say one more time.

    To maintain America hegemony in the world, In God We Tru$t America must LIES again and invade Saudi Arabia for dethroning the petrol-dollars.

    Saudi King must be killed like Saddam Husain and China mbridge must be injected with virus and destroyed for trying to replace America SWIFT.

    https://x.com/SputnikInt/status/1801423485752758663

    If In God We Tru$t America do nothing, Anglo Saxon will be the Sick Man of the We$t.

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  • Kaiju:

    It is funny to read you guys thinking too much … or simply too naive in thinking?

    It is not the USD that dominates. It is the capability of its military might.

    I am still waiting for those who said RMB will replace USD in world trades and appreciates greatly against USD. Where is it?

    Quite a few dumb people left in this dying TRE huh? Where are those great contributors who had provided insights with depth? TRE looks like going down slowly and quietly.

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  • PAP mandate strong:

    The above news already a few days old yet CNA no coverage. I did a quick check even Malaysia no coverage.

    Most likely Fake news.

    https://www.morningstar.com/news/marketwatch/20240615261/reports-of-the-petrodollar-systems-demise-are-fake-news-heres-why

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  • SINGAROAR:

    @Kaiju
    It is not only military power that is the only relevant capability but you can bring down the entire economy of a State by currency manipulation as what happened in the Asian Financial crisis in the last century. Oil and it’s bye-products are needed globally. So what do you think Saudi Arabia has just done to the US? It has removed the use of only the US dollar and the Americans for trading purposes.It has clipped the reliance on the US dollar.By doing this, the influence of the Americans in the Middle East is almost removed.

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  • astroman:

    So@Kaoju
    What so intelligent about your daft comments?
    You sound more stupid than anyone here.
    TRE will outlast big mouths like you.

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  • all bullshit:

    India and CIA in competition.

    PAP mandate strong:
    The above news already a few days old yet CNA no coverage. I did a quick check even Malaysia no coverage.

    Most likely Fake news.

    https://www.morningstar.com/news/marketwatch/20240615261/reports-of-the-petrodollar-systems-demise-are-fake-news-heres-why

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  • PAP mandate strong:

    @ all bullshit

    U mean Sg side the west therefore zero coverage and Malaysia also no coverage. Unlikely right ?
    Such news are of importance financially and economically even politically.
    What about Indonesia ?

    Perhaps i missed it as i did a quick and brief check. Feel free to add in the links.

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  • Singaporean R Free Rider:

    TRE Tech:
    Matter of when not if, hope it happens soon. The US needs to be taught a hard lesson, I am sure the world is sick and tired of the US’s constant “I am God” bull of a shit.

    https://www.britannica.com/video/226486/origins-Manifest-Destiny
    Manifest Destiny was the belief that the United States had the divine right to expand westward—and that all such exploration and expansion was God-ordained.
    ..
    ..
    And when there was no new land left to conquer there, Americans would look to the global stage.

    Facts
    10 minutes: How the CIA Destabilizes the world | Jeffrey Sachs
    https://youtu.be/bFn7Zd_J69w
    60 minutes: The Untold History of CIA Coup | Jeffrey Sachs
    https://youtu.be/JS-3QssVPeg

    Police slammed camera man. (Twitter censored it. Free speech indeed)
    https://twitter.com/Chris_Kuhlman00/status/1783246503907311936

    Fox 7 cameraman thrown to ground.
    http://youtu.be/l_cyXLvfLJI
    (save this video before YT deleted it. link still valid today 19 June 2024)

    Just google Manifest Destiny and get yourselves educate on it. Same tactics were also used by ancient China to expand their territory if you watch the 3 Kingdoms.

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  • Interest Rates players:

    By playing with interest rates, raising and cutting as and when the greedmasters please, the world economy is eventually heading for a doomsday.

    Jesus was sent to decimate Usury but was persecuted. Muhammad carried out God’s prohibition of Usury but believers get the unavoidable dusts that settle in their face.

    It’s all about Greed.

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