Comment by andy_ppp
10 hours ago
There’s every chance that the US loses the trust of the GCC countries and they choose to spend their oil money away from the US should all of this madness ever calm down.
10 hours ago
There’s every chance that the US loses the trust of the GCC countries and they choose to spend their oil money away from the US should all of this madness ever calm down.
It's extremely unlikely without a common currency and a military alliance with larger, more populous states like Egypt and Iraq. The former would be unacceptable as it would represent a competitor to the Petrodollar, and the latter would be a threat to Israel.
One of the conditions Iran has placed on ships travelling through the strait of Hormuz is that the oil is traded/purchased in RMB.