The 50-year-old petrodollar agreement between the United States and Saudi Arabia expired on Sunday as the Gulf nation opted not to renew the deal, Nasdaq reported on Tuesday.
The petrodollar agreement, formalized in the 1970s, stipulated that Saudi Arabia would price its oil exports exclusively in U.S. dollars and invest its surplus oil revenues in U.S. treasury bonds. In exchange, the U.S. provided military support and protection to the kingdom.
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Saudi Arabia decides not to renew 50-year petrodollar deal with US
Saudi Arabia decides not to renew 50-year petrodollar deal with US
Saudi Arabia decides not to renew 50-year petrodollar deal with US
Saudi Arabia decides not to renew 50-year petrodollar deal with US
Saudi Arabia decides not to renew 50-year petrodollar deal with US
Saudi Arabia decides not to renew 50-year petrodollar deal with US
As Saudi Arabia has allowed the deal to expire, it now has the flexibility to sell oil in various currencies, including the Chinese yuan, the euro, and the Japanese yen. The range of accepted currencies is expected to expand further in the future.
According to the Nasdaq report, Saudi Arabia's decision not to renew the deal may pose the "most significant challenge" to the petrodollar's dominance, weakening the U.S. dollar and, by extension, the U.S. financial markets.
The report added that if oil were priced in other currencies, it could lead to a decline in global demand for the U.S. dollar.
Saudi Arabia decides not to renew 50-year petrodollar deal with US
Saudi Arabia decides not to renew 50-year petrodollar deal with US
Saudi Arabia decides not to renew 50-year petrodollar deal with US
Saudi Arabia decides not to renew 50-year petrodollar deal with US
Saudi Arabia decides not to renew 50-year petrodollar deal with US
Saudi Arabia decides not to renew 50-year petrodollar deal with US
Asian youths are bringing attention to the unique green lifestyles and environmental philosophies of their home countries, highlighting their significant impact on daily life and advocating for their broader global adoption.
These themes align closely with the agenda of the Boao Forum for Asia (BFA) Annual Conference 2025, which will be held from March 25 to 28 in Boao, south China's Hainan Province. With the theme "Asia in the Changing World: Towards a Shared Future," this year's event focuses on development, foster dialogue, explore innovative formats and emphasize tangible outcomes, all aimed at promoting international development and cooperation.
In an interview with China Global Television Network (CGTN), several Asian youths studying in China were invited to discuss their countries' green lifestyles and environmental concepts.
"Kyrgyzstan is a landlocked country in Central Asia, but Kyrgyzstan has huge resources of ground and surface water, with substantial reserves in rivers, eternal ice and snow tracks. These water resources play a crucial role in supporting agriculture, hydropower generation, and providing drinking water to the population," said Adel Baktygulova, a Kyrgyz student.
"In Indonesia, we have this culture of wrapping our food and banana leaf and also brown paper. This practice is especially common in Padang food, which is a traditional food from West Sumatra. I think this practice can definitely be implemented in China. Instead of wrapping our food in plastic, we could change into something a more biodegradable material such as banana leaf," said Celia Annetta, an Indonesian student.
"With a profound awareness of the consequences of climate change, many Vietnamese youths are choosing green lifestyle by introducing innovative approaches to good productions and embracing eco-friendly products. Green and recycled materials are gaining momentum in Vietnam, driven by the passions of young individuals committed to contributing to a sustainable and eco-friendly society. The rise of startups in Vietnam focusing on eco-friendly products, such as daily essentials stationery and clothing made from bamboo, grass and recycled materials, is a testament to the creativity and determinations of young entrepreneurs," said Do Pham Ngoc Die, a Vietnamese student.
Then students also shared the green technologies or environmental concepts they have encountered in China.
"When I first came to China, I saw a lot of electrical buses, cars, common shared bikes, and I was impressed by the amount of it. Because in Kyrgyzstan, just in a few recent years we started to pay attention and promote green energy more. But also recycling system was a new habit for me, I started to practicing this while I'm studying and living in China because recycling is not common back home," said Adel Baktygulova.
"One notable example is the widespread adoption of electric vehicles. Cities like Beijing and Shanghai have seen a rapid increase in the use of electric buses, taxis, and private cars," Do Pham Ngoc Die said.
"Most motorcycles I've seen here are E-bikes instead of fuel powered bikes. Indonesia is also a bike heavy country, with 123 million bikes on the road as of 2023. If we could switch to E-bikes instead of fuel powered bikes, I think it could definitely make a big difference on our air pollution and making our environment cleaner," said Celia Annetta.
Asian youths highlight green lifestyles ahead of upcoming Boao Forum
