Is it a Strategic Shift in Saudi Arabian Economic Vision? Or Simply an Emergent Strategy to Sustain Global Oil Competitiveness?
China and Saudi Arabia just announced the two countries’ will remove the US dollar from oil transactions between the Kingdom and their largest commercial partner; China, effective last week, according to several news reports, in a precursor move to pave “mutually” prosperous economic relations on the medium and long terms, leading to the total dispensing of the USD exchange medium in KSA-China transactions.