Wednesday, September 27, 2017

OPEC de-dollarization continues forward as Saudi Arabia to sign new energy platform agreement with Russia

You know that the long-standing rules over the Petrodollar are over when the cornerstone government of your reserve currency system shifts allegiances over to your biggest adversary.  And it appears that this is happening very soon as Russia announced today that they will be signing a new energy platform agreement with Saudi Arabia when the nation's monarch comes to visit Moscow next month.

A new investment platform and manufacturing projects will be announced during the visit to Russia by the King of Saudi Arabia, said the Director-General of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev. 
King Salman bin Abdulaziz Al Saud is expected in Moscow early next month and will be the first Saudi monarch to visit Russia in almost a hundred years since the two countries established relations. 
"The largest joint achievement of Russia and Saudi Arabia, which together provide about a quarter of world oil production, was the conclusion of an unprecedented agreement by OPEC +, which allowed to stabilize the world market," Dmitriev said as cited by TASS.
He added significant results have been achieved regarding investment cooperation since the setup of a joint $10 billion platform by the RDIF and the Saudi Kingdom’s Public Investment Fund (PIF). - Russia Today
News of this agreement comes just a day after Russia's Gazprom overtook Exxon Mobile as the world's largest energy company.

Since the beginning of this year, Saudi Arabia has been moving forward with a desire to expand their industrial base far beyond oil and natural gas.  And in doing this, the Saudi government has not been seeking partnerships with their long-standing ally the United States, but instead with both Russia and China since they recognize that the financial winds have changed, and the end of dollar hegemony is nearly at their door.

0 comments:

Post a Comment