30 January 2023
Saudi Arabia is open to discussions about trade in currencies other than the US dollar, according to the kingdom’s finance minister. The world’s largest oil exporter has been pegged to the US dollar for decades. The kingdom is a pillar of the petrodollar system established in the 1970s that relies on pricing crude exports in the US currency, allowing the US dollar to be the world’s reserve currency. The Saudis are seeking to expand relations with crucial trade partners including Europe and China.