No, until a couple of months ago Saudi Oil was only sold for dollars, it wasn't just priced in dollars, that was what propped up the Dollar as the worlds reserve currency. That has just changed and the Petrodollar is dead.
Of course it was priced in USD. The Saudi's required payment in USD that was the point. Pricing is fungible just like oil, the whole point is that the Saudi's required Payment in USD. Pricing is irrelevant.
No, until a couple of months ago Saudi Oil was only sold for dollars, it wasn't just priced in dollars, that was what propped up the Dollar as the worlds reserve currency. That has just changed and the Petrodollar is dead.
Why do you single out Saudi Oil when I did not?
Are you claiming that Saudi Oil isn't priced in USD?
The Bretton Woods agreement was that the Saudi's would sell their oil only for dollars.
The key word being 'sell' not 'priced', this required buyers to actually obtain dollars to buy the oil and established the PetroDollar.
Now that the Saudi's no longer require dollars for their oil, the petrodollar is history.
So, are you claiming that Saudi Oil isn't priced in USD?
Yes or no?
Of course it was priced in USD. The Saudi's required payment in USD that was the point. Pricing is fungible just like oil, the whole point is that the Saudi's required Payment in USD. Pricing is irrelevant.