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The Decline and Fall of the Petrodollar?

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July 6, 2024

By Carla Norrlöf – Project Syndicate

Could changes to the longstanding “petrodollar” system undermine the greenback’s global dominance? For a half-century, the United States has sold advanced weaponry to Saudi Arabia, and the Kingdom has denominated its oil sales in dollars. But now that Saudi Arabia is openly considering pricing oil sales in other currencies, rumors are afoot that this arrangement could unravel.

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