The Last Days of the PetroDollar

While disturbing, it wouldn’t mean much except for the fact that this is merely the latest step in a trend away from the dollar by OPEC nations. For example:

UAE central bank diversifies away from dollars

Kuwait unhooks the currency peg to the dollar.

Syria (not an OPEC nation) unhooks currency peg to the dollar

Saudi Arabia refuses to cut interest rates with Federal Reserve

Iran sells oil in Euros

Venezuela currency peg is in danger, and plans to sell oil priced in Euros

The question is: why does this matter?

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