China & Saudi Arabia Forcing USD Acquiesce

philosophyofmetrics

By JC Collins

Back in August of 2014, Saudi Arabia signed a multi year energy deal with its largest crude oil customer China. This energy deal was focused more on nuclear energy and solar energy as opposed to crude.  The agreement between the King Abdullah City for Atomic and Renewable Energy and Chinese Nuclear Energy Corporation is meant to develop domestic energy projects within Saudi Arabia worth $80 billion for nuclear and $100 billion for solar, between 2014 and 2032.

Saudi Arabia is the largest crude oil producer in the Middle East as well as OPEC.  It is also the largest consumer of hydrocarbons, with about 25% of its production being used for domestic needs.  The country would like to change that by developing nuclear and solar energy which would allow it to export more of its crude and other hydrocarbon production onto the world market.

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