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.

  • Pons_Aelius@kbin.social
    2·
    1 year ago

    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.