by Ben Norton at MRonline
The United States is negotiating behind the scenes with Saudi Arabia, pressuring the country to keep selling its oil in dollars.
Washington is concerned that Riyadh may price its crude in other currencies, particularly China’s renminbi.
Saudi Arabia is one of the world’s top three oil producers. Since the 1970s, Riyadh has agreed to sell its crude in dollars, helping maintain the greenback’s hegemonic status as the global reserve currency.
In return, Riyadh wants Washington to pledge to always protect it, as well as help in developing a nuclear program.
Although the negotiations are ostensibly about Israel-Palestine,…Continue Reading