A closer look
The unspoken agreement that global oil is exclusively bought with American dollars is slowly fracturing under geopolitical spite. Since the 1970s, the 'petrodollar' system has been the bedrock of US financial dominance, forcing every nation to hold massive dollar reserves just to buy fuel. But as relations shifted, Saudi Arabia initiated high-level talks to price a portion of its massive crude exports to China in the renminbi. This seemingly minor accounting change is actually a terrifying economic earthquake, signaling the beginning of a coordinated, multi-nation strategy to dethrone the US dollar as the world's default reserve currency.
