There’s a fake petrodollar news story doing the rounds that Saudi Arabia and the U.S. had a 50-year contract in which Saudi agreed to settle all its oil sales in U.S. dollars. Supposedly, this is meant to foreshadow the end of dollar dominance and is good for cryptocurrency prices. Except there was no such deal.
It’s tricky to check something that doesn’t exist. However, David Wight, an academic who wrote a book on the Petrodollar, told us that the deal did not exist. He trolled through declassified records to write his book.
Like all effective fake news stories, some aspects have slivers of truth. For example, Saudi Arabia has indeed joined mBridge, the cross border central bank digital currency project involving the central banks of China, Hong Kong, Thailand and the UAE. And mBridge does not plan to support dollar payments for now.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
