[Deutsche Bank: The Petrodollar System Was Already Under Pressure Before the Outbreak of War] Odaily Planet Daily News - The petrodollar system is supported by three core elements: U.S. demand for oil, oil being priced in dollars, and the security relationship between the Gulf region and Washington. However, all three aspects are currently under pressure. First, the United States' new status as a net energy exporter means it is no longer strictly dependent on Middle Eastern oil supplies. Second, the pricing of oil in dollars had already begun to deteriorate before the outbreak of war. Many countries have been striving for years to price energy trade in their own currencies and have made some progress, albeit limited. The third point—and the most severe—is that this war has cast uncertainty over the U.S. security umbrella policy and the Gulf region's trust in it. According to a report released Tuesday by Deutsche Bank on the current state of the "petrodollar" system, strategist Malika Sachdeva believes that the petrodollar system was already under pressure before the outbreak of war: nowadays, most Middle Eastern oil flows to Asia; oil from sanctioned Russia and Iran is traded in non-dollar currencies; and Saudi Arabia has not only been localizing its defense industry but is also exploring the use of non-dollar currencies for oil payments. (Jin10)