The sale of oil worldwide has been pegged to the US Dollar since the days of Richard Nixon and Henry Kissinger in the early 1970s. The status of the US dollar as the world’s reserve currency is dependent on the US-Saudi Arabia deal negotiated by Kissinger to link oil to the dollar. Today, the Petrodollar is in trouble. According to the Wall Street Journal, Saudi Arabia and China are in active discussions to price some Saudi oil exports in Chinese Yuan.
[trunews.com]
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