The End of Oil. Saudi Arabia Problems. Top Oil Producing Countries. #shorts |
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1945 to 2023 Saudi Arabia continued to grow as an Oil Rich Nation. The 2nd Largest oil producing country in the world. In 1945 the US under the leadership of President Roosevelt and The Saudi King came to an agreement to sell Saudi Oil exclusively in US Dollars aka The Petrodollar. The US Dollar was officially pegged to Oil not Gold, in order to buy Saudi Oil, countries around the world needed US Dollar reserves on hand to buy the much needed Oil as the World Industrialized. That deal also included a Weapons Deal, the US would supply Saudi Arabia with Weapons and Protection of the US Defense. Although Saudi Arabia became massively WEALTHY during 1945 to 2023, they are surrounded around enemy countries in their geographical region. Free trade under the US protection and the strengthening of the US Dollar globally, both Nations became MASSIVELY WEALTHY. All of those agreements are now in jeopardy. Saudi Arabia is the leader of OPEC Organization of Petroleum Exporting Countries, a team of 13 countries globally, excluding the US. Russia joined OPEC + in 2016 along which many other countries.
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