Impact of Saudi Arabia’s Petrodollar Decision on US Alliances and Global Economics
On June 13, 2024, Saudi Arabia made a historic decision not to renew its 50-year petro-dollar deal with the United States, signaling significant implications for global finance, geopolitics, and the trajectory of the American Empire. Established in 1972, the petrodollar system allowed Saudi Arabia to exclusively sell oil in US dollars. With this decision, they…