Poszar Was Right: Saudis Confirm Non-Dollar Oil Trade Plans In Davos

John Todd Roberts Uncategorized January 18, 2023 1 Minute

What once was theory now is emerging as reality. Saudi Arabia’s finance minister said yesterday in Davos that the kingdom is “open to discussions about trade in currencies other than the US dollar,” according to ZeroHedge (via Bloomberg).

The transition away from the petrodollar will go down in history as one of the greatest failures of Biden administration foreign policy. On the other hand, most of the world will probably benefit from the liberation of energy markets from U.S. influence.

Published by John Todd Roberts

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Published January 18, 2023

6 thoughts on “Poszar Was Right: Saudis Confirm Non-Dollar Oil Trade Plans In Davos”

Paul Murphy says:

January 18, 2023 at 1:46 pm

Try to contain your glee.

But how do you expect us to be hurt if Saudi Arabia sells oil to, say China, for Yuan?

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1. John Todd Roberts says:
  
  January 18, 2023 at 1:52 pm
  
  RE: “But how do you expect us to be hurt if Saudi Arabia sells oil to, say China, for Yuan?”
  
  I don’t, as stated.
  
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  1. Paul Murphy says:
    
    January 18, 2023 at 2:06 pm
    
    “I don’t, as stated.”
    
    So what did you mean when you said that . . .
    “The transition away from the petrodollar will go down in history as one of the greatest failures of Biden administration foreign policy.”
    
    According to you, this is a historical failure but it will not hurt us?
    
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  2. John Todd Roberts says:
    
    January 18, 2023 at 2:18 pm
    
    I meant that the U.S. will suffer a loss of geopolitical influence as the demand for dollars declines. The Biden administration could have prevented this, but didn’t.
    
    I don’t believe that we necessarily lose when other countries gain. So, other than pointing out Biden’s failure, I’m not terribly concerned about Saudi Arabia’s choices.
    
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    1. Adam Green says:
      
      January 19, 2023 at 11:44 am
      
      “I meant that the U.S. will suffer a loss of geopolitical influence as the demand for dollars declines.”
      
      In the 70’s we heard the same threat when it came to the Japanese Yen. We didn’t really lose anything then. And I don’t think we are now.
      
      And if you think this is happening only because of Biden, then you are a fool. Or just one who likes to point fingers at those he doesn’t agree with. If Trump were still in office, and this happened, I have a funny feeling you would have no issue with it and probably would have ignored it. Speculation by me? Absolutely. But all based on historical posts. Yours, to be precise.
      
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    2. Adam Green says:
      
      January 20, 2023 at 2:28 pm
      
      …”other than pointing out Biden’s failure, “…
      
      What failure? There is no failure involved when the market makes a decision.
      
      Your desperate need to find fault with Buden has really got you delusional.
      
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