SA gets a good deal on treasuries (basically a bribe) in order to sell oil in dollars and then use those dollars to buy treasuries.

US forces nearly all countries to buy USD that eventually get returned as SA-owned debt (huge monetary policy benefits). SA gets more or less bribed by the worlds largest military.

Awkwardness is when SA wants to do stuff that’s is against US morals (like murdering journalists) or when China firmly but politely asks to buy in RMB (like it has recently).

US generally sees petrodollar regime as second only to the military (as evidenced by their eagerness to invade Iraq and gain leverage over SA).

They also got US aid (economic and weapons). See https://www.nytimes.com/1974/06/09/archives/milestone-pact-i....

I think there also was the (possibly implied) promise of military protection by the USA

There was the threat of military action and regime change if they didn’t. See Libya and Iraq after they decided to sell oil in Euros.

You mean Libya that was bombarded by France and other European militaries with relatively small US involvement? The same Libya that bombed planes[0][1], killed people in front of embassies[2], helped prop up monsters like Idi-Amin[2], waged war against Chad[4] and Egypt[5] and suggested breaking up Switzerland because dictators son brutalized his servants[6]?

The country which was in midst of protests which their government, dictatorial btw, decided to violently suppress?[7]

Yeah, nice guy all around that Gaddaffi. Oils the only reason anybody would want him gone.

[0]https://en.wikipedia.org/wiki/Pan_Am_Flight_103

[1]https://en.wikipedia.org/wiki/UTA_Flight_772

[2]https://en.wikipedia.org/wiki/Murder_of_Yvonne_Fletcher

[3]https://en.wikipedia.org/wiki/Uganda%E2%80%93Tanzania_War

[4]https://en.wikipedia.org/wiki/Chadian%E2%80%93Libyan_conflic...

[5]https://en.wikipedia.org/wiki/Egyptian%E2%80%93Libyan_War

[6]https://en.wikipedia.org/wiki/Libya%E2%80%93Switzerland_rela...

[7]https://en.wikipedia.org/wiki/First_Libyan_Civil_War

[8]https://en.wikipedia.org/wiki/West_Berlin_discotheque_bombin...

Oh yes, perfect excuse to kick a country and its people back into the stone age.

Defensive military alliance - NATO - go!

Gee, I wonder how many similar incidents we can count among NATO states going back from 1988

>> * In 1974, Washington and Riyadh struck a deal by which Saudi Arabia could buy US treasury bills before they were auctioned. In return, Saudi Arabia would sell its oil in dollars—not only enlarging the currency's liquidity but also using those dollars to buy US debt and products.*

> So in exchange to gaining access to US treasuries (debt) before action, they had to buy US treasuries?

I have no knowledge about this besides what's been written in this thread, but I assume that having the ability to buy before the auction means they get a good deal.