this post was submitted on 29 Aug 2023
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Addition of KSA, UAE, Iran means share has doubled to 42% of crude oil output in 2022. "Saudi pricing oil exports to China and India in non-dollar currencies does not spell the end of the dollar as the international currency of choice,” says ING. Trade within bloc makes trade hard to sanction by West.

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[–] [email protected] 2 points 1 year ago (3 children)

When they start to tell us there's no problem, there's a problem. The US dollar is in decline as the world currency. Too much debt by the US is making other countries nervous to hold too much of their dollars.

[–] [email protected] 2 points 1 year ago (2 children)

The USD as the world reserve currency has propped up the USA for decades. If/when that is no longer the case, the US is in for a serious reality check.

One of the never mentioned things about the Iraq war was that Iraq had announced it would sell its oil without the use of the USD a few months before.

[–] I_annoy_you 0 points 1 year ago

they certainly used influence better than how china would.

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