If Gulf states begin diversifying away from dollar settlement in energy trade, it would represent a gradual structural shift in how the global oil system interfaces with US financial power
This is the end of the petrodollar The deal was that the US would provide the GCC ruling families with military support. In exchange, the ruling families promised to sell their oil in USD and recycle their vast surpluses into US assets. This was crucial for the US, as it had just defaulted on the …