RE:RE:Did you hear this?Yeah Marty
This announcement is actually bigger than most people think and surprisingly, it has gotten very little press. Interestingly, Saudi Arabia chose to announce this while the "big guys" AKA the G7 are meeting in Italy. The really big thing IMO is the fact that one of the key underpinnings for the US Dollar being the world's reserve currency was that oil was priced in US dollars. Now that the Saudis aren't going to price exclusively in US dollars it undermines the US dollar as the world reserve currency. In turn this has a big effect on what the Fed will/can do and also the US control over world monetary affairs.
To me this seemingly simple announcement could have a huge financial impact and is something else that pragmatic investors need to keep an eye on.