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Agreement Between Saudi Arabia And Us

The U.S. dollar is the de facto global currency. [51] The petrodollar system was born in the early 1970s, after the collapse of Bretton Woods. President Richard Nixon and his Secretary of State, Henry Kissinger, were concerned that the abandonment of the international gold standard under the Bretton Woods agreement (combined with a growing U.S. trade deficit and massive debt related to the Vietnam War) would lead to a decline in the relative aggregate demand of the U.S. dollar. In a series of meetings, the United States and the Saudi royal family reached an agreement. The United States would offer military protection to Saudi Arabia`s oil fields and, in exchange, the Saudis would sell only U.S. dollars (in other words, the Saudis would refuse all other currencies, except the U.S.

dollar, as payment for their oil exports). [52] [53] Iraq`s invasion of Kuwait in August 1990 led to the Gulf War, during which security relations between the United States and Saudi Arabia were considerably strengthened. Parallel to the American invasion, King Fahd declared war on Iraq. The United States was concerned about Saudi Arabia`s security against Saddam`s intention to penetrate and control the region`s oil reserves. As a result, after The agreement of King Fahd, President Bush deployed a considerable amount of American forces (up to 543,000 ground troops until the end of the operation) to protect Saudi Arabia from a possible Iraqi invasion; this operation was called Desert Shield. In addition, the United States has sent additional troops into Operation Desert Storm, with nearly 100,000 Saudi troops sent by Fahad to form an alliance of the U.S. military with troops from other allied countries, to attack Iraqi troops in Kuwait and stop further invasions. [26] During Operation Desert Storm, Iraqi forces were defeated in four days, leading the Iraqis to withdraw to Iraq. A Pentagon spokesman, citing its secretive nature, declined to give details of the plan, but confirmed that the agreement would remain in effect. The Saudi Embassy in Washington did not respond to a similar request for advice. As relations between the United States and Saudi Arabia intensified, their first conflict began when the disorder between Jews and Arabs erupted in April 1936 in the mandate of Palestine, administered by Great Britain.

The United States supported the creation of an independent Israeli state, but Saudi Arabia, on the other hand, the first nation of the Islamic and Arab world, supported the Arab position that triggered its first conflict. In other words, U.S. oil`s interest in Saudi Arabia could be held hostage depending on the circumstances of the conflict. [14] U.S. President Franklin D. Roosevelt sent a letter to the king stating that it was true that the United States supported the creation of a Jewish state in Palestine, but they were not responsible for the establishment. [Citation required] Bin Saud was convinced that relations between the United States and Saudi Arabia were once again smooth.