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Saudi Arabia's (US) petro-dollar exit: A global finance paradigm shift Below excerpt and title of this post and title of this post reported by Hamilton. K. (2024, June 10). Saudi Arabia's petro-dollar exit: A global finance paradigm shift. Biz Community 'The lapsed security agreement - signed by the United States and Saudi Arabia on 8 June 1974 - establishes two joint commissions, one on economic co-operation and the other on Saudi Arabia's military needs, and was said to have heralded an era of increasingly close co-operation between the two countries.' 'American officials at the time expressed optimism that the deal would motivate Saudi Arabia to ramp up its oil production. They also envisioned it as a blueprint for fostering economic collaboration between Washington and other Arab countries.' 'The crucial decision to not renew the contract enables Saudi Arabia to sell oil and other goods in multiple currencies, including the Chinese RMB, Euros, Yen, and Yuan, instead of … Read more