Iraq converted its petro trading to the Euro back in 2000, but that didn't last too long and is one of the reasons the US invaded, or so the story goes. This i

Iraq converted its petro trading to the Euro back in 2000, but that didn't last too long and is one of the reasons the US invaded, or so the story goes. This is the gist of a theory called "petrodollar warfare"[1]. Saudi Arabia is an ally hence they trade in dollars; there was quite a stir the last time there was a rumor related to them dumping the dollar[2]. I don't think them switching to another currency is quite that easy. [1] http://en.wikipedia.org/wiki/Petrodollar_warfare#Political_events http://en.wikipedia.org/wiki/Petrodollar_warfare#Political_e... [2] http://www.dailymail.co.uk/money/article-1218458/Dollar-remain-oil-currency-say-Saudi-Arabia-Russia.html http://www.dailymail.co.uk/money/article-1218458/Dollar-rema...