The fact is that any disruptions in the riyal-dollar relationship would risk global financial equilibrium and undermine investor trust in the greenback. For decades Saudi Arabia was the archetype of an American client state — trading oil for protection, dollars for arms, loyalty for reassurance. Saudi Arabia, by joining hands with Islamabad, is binding itself to Beijing’s defence supply chain. Does this mean Saudi Arabia would ride to Pakistan’s defence in a future conflict sparked by terrorism or a border clash? Saudi oil exports would be priced exclusively in US dollars and surplus revenues recycled into US treasuries.