Loading...

  • 18 Jun, 2024

Business

US-Saudi Petrodollar Deal Ends After 50 Years

US-Saudi Petrodollar Deal Ends After 50 Years

The petrodollar agreement, which facilitated the exchange of US dollars for crude oil exports and was signed between Saudi Arabia and the United States in 1974, has come to an end after fifty years. This agreement provided Washington with a steady flow of oil and a market for its debt while Saudi Arabia received military aid and equipment in return.