Saudi Arabia Officially Open to Oil Trade in Currencies Other Than U.S. Dollar

The petrodollar close to an end. The Kingdom of Saudi Arabia is officially open to discussing oil trade settlements in currencies other than the U.S. Dollar, according to the country’s finance minister. The world’s largest oil exporter, which has maintained a currency peg to the dollar for decades, is seeking to strengthen its relations with crucial trade partners including China. The kingdom is a pillar a petrodollar system established in the 1970s that relies on pricing crude exports in the U.S. currency. “There are no issues with discussing how we settle our trade arrangements, whether it is in the U.S….