Great article GA! I would add that it was the deal with the Saudis in 1974 that cemented the "petro-dollar" status to the "reserve" status. In '74 Saudi Arabia agreed to transact soley in usd in exchange for priority trade and the option to buy SHIT TONS of advanced american mitary hardware. It is no wonder that Trump's first international stop was in Saudi Arabia.
The US is scrambling to retain control of its "petro-dollar" while China, Russia and Iran are looking to do biz in other currencies. This coupled with the oil futures contract denominated in yuan (and convertible directly to gold) which is slated to go live in Shang Hai and Hong Kong at the end of this year.
This event may well be the death knell...
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Death knell, indeed. Also, there are other knells of death ringing for the petrodollar. And good riddance.
Yes you are right, I was thinking everyone was trading oil in USD in the 60s. Many were but Saudi Arabia joined OPEC in the 60s but still dealt with the US in greenbacks. America basically sold out to a terrorist state keep the oil trade going strong. Thanks for reading bud
👊⚡️ keep stackin the Kryptonite!