By Alexander Miller, consultant in energy markets – Eurasia Business News, June 17, 2024. Article n°1035.
Riyadh, capital of Saudi Arabia, 2024.
In 1974, amid an oil crisis and skyrocketing prices due to OPEC sanctions, the US and Saudi Arabia struck a deal. Under this agreement, Saudi Arabia agreed to sell its oil exclusively in US dollars in exchange for military aid, equipment, and protection from the US.
This…
