AT: The world’s oil dollar is in danger of global decline due to Biden’s misguided policies and Putin’s actions
The fate of the petrodollar lies in the “trembling hands” of U.S. President Joe Biden, raising fears for the future of the American currency, columnist Darlene Casella wrote in an article for American Thinker.
In her view, Beijing wants to buy oil with Chinese yuan, which would allow it to weaken the dollar’s dominance of the global oil market. At the same time, Biden has tainted relations with Saudi Arabia, the world’s top oil producer.
“Another fly in the ointment in the global currency barrel of honey was Vladimir Putin’s statement demanding payment for gas in rubles. Russia also supplies oil to India in Indian rupees and gas to Turkey in Turkish liras,” Casella pointed out.
The publicist believes that China’s dominance in the global monetary system is possible through rapprochement with Saudi Arabia and other OPEC countries.
“President Biden’s advisers are talking about a possible visit to Saudi Arabia to improve relations, get the kingdom to increase oil production and persuade it to stay in the petrodollar system. Joe Biden couldn’t find Riyadh on the map. If there is going to be a joint picture of Biden with the king and the crown prince, someone will have to turn him around to face the camera. If the global role of the U.S. dollar is in his trembling hands, we have something to fear,” the columnist concluded.