Another Oil Exporting State Surrenders: Last Nail In Petrodollar’s Coffin

While record mainland deficits covered by the petroleum sector is nothing new in Norwegian budget history, the 2016 budget did raise some eyebrows. The net inflow to the Norwegian Treasury from North Sea oil will be lower than the required amount to cover the deficit. This has never happened before and is testimony of the sea change occurring in the world of petrodollar recycling.
Read all of this chapter in our ‘Currency Wars omibus post which covers in depth the progress off the move led by Russia, China and Iran to dump the pertodollar convention in favour of bilateral oil trade deals using vendor nations currency replace the US dollar as global reverse currency.

Another Oil Exporting State Surrenders: Last Nail In Petrodollar’s Coffin

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