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nasdaq | U.S-Saudi Petrodollar Pac Ends after 50 Years, 11 June G7 de-industrialization
The "petrodollar" agreement, formalized after the 1973 [OPEC EMBARGO] stipulated that Saudi Arabia would price its oil exports exclusively in U.S. dollars and invest its surplus oil revenues in U.S. Treasury bonds. In return, the U.S. provided military support and protection to the kingdom.
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The global demand for dollars to purchase oil has helped to keep the currency strong, making imports relatively cheap for American consumers. Additionally, the influx of foreign capital into U.S. Treasury bonds has supported low interest rates and a robust bond market.
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The agreement between the U.S. and Saudi Arabia expired on June 9, 2024. This expiration has far-reaching implications, as it has the potential to disrupt the global financial order.
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archive to get a mega-deal with Saudi Arabia, price-taker's guide to the galaxy,  KSA enjoys market power in New Trade and Security, The Embargo That Must Not be Named, So what really happened in the 70s?
by Cat on Fri Jun 14th, 2024 at 10:33:31 PM EST
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