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The Eclipse of the Petrodollar

Sometimes fake news reveals hidden truths, such as when it was recently reported that Saudi Arabia would end its agreement with the United States to price oil in dollars. Despite the many inaccuracies in these reports, and although the greenback’s global role endures, the momentum for de-dollarization is building.

WASHINGTON, DC – Much of the reporting earlier this month about the “non-renewal” of a decades-old “petrodollar agreement” between Saudi Arabia and the United States was riddled with inaccuracies and half-truths. Some outlets even went so far as to allege that Saudi Arabia would “stop using the US dollar for oil sales.” Still, despite these errors, and although the dollar remains dominant, the momentum for de-dollarization is building, reflecting broad geopolitical and macroeconomic shifts.