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Thats not true. ~85%+ of global oil trade is in USD. https://www.ecb.europa.eu/pub/pdf/ire/focus/ecb.irebox201906_03~3e5a7878dd.en.pdf https://www.ecb.europa.e

• JumpCrisscross 10mo ago
  > Thats not true. ~85%+ of global oil trade is in USD What part isn't true? I never said most oil isn't traded in dollars. Just that it's priced and traded in currencies other than dollars on commodities desks in the United States. In 2019, over 60% of all global trade was dollar denominated [1]. (58% today.) That's $27tn of dollar-denominated export invoices. Globally, oil exports are $1.3tn [2]. The petrodollar hypothesis held in the 1970s. It was becoming irrelevant with the 1980s' trade liberalisation. By 2019 [3] it had become totally irrelevant, both as a rational motivation and as a non-conspiratorial geopolitical talking point. [1] https://www.atlanticcouncil.org/programs/geoeconomics-center/dollar-dominance-monitor/ https://www.atlanticcouncil.org/programs/geoeconomics-center... [2] https://www.worldstopexports.com/worlds-top-oil-exports-country/#:~:text=Oil%20rig,increase%20compared https://www.worldstopexports.com/worlds-top-oil-exports-coun... [3] https://oilprice.com/Energy/Crude-Oil/The-US-Just-Became-A-Net-Oil-Exporter-For-The-First-Time-Ever.html#:~:text=The%20United,began%20in https://oilprice.com/Energy/Crude-Oil/The-US-Just-Became-A-N...