The crucial decision to not renew the contract enables Saudi Arabia to sell oil and other goods in multiple currencies, including the Chinese RMB, Euros, Yen, and Yuan, instead of exclusively in US dollars. Additionally, the potential use of digital currencies like Bitcoin may also be considered
I wouldn’t be surprised if the US suddely remembered where the 9/11 perpetrators were from if this is true.
it would be incredibly moronic for saudis to pull something like this. they rely on us army for their own defense against regional rivals, most importantly iran. have you seen saudi army? they need to hire mercenaries from sudan because saudis are too lazy and corrupt. if they annoy uncle sam too much, they can kiss all and any defence agreements and western weapons sales goodbye.
fortunately you don’t have to worry too hard about this one, because it’s a made up story coming from crypto people, spread over some shitty “journals” and repeated on tiktok and twitter
https://www.reddit.com/r/Economics/comments/1ddvuhd/ussaudi_petrodollar_pact_ends_after_50_years/
Reddit has shit analysis: “why does the end of the petrodollar not mean that oil is priced in Bitcoin or tulip bulbs?”
Motherfucker the petrodollar was a matter of convenience. The USD was already gloablly-accepted and a large component of foreign reserves, which made it sensible to make it the petrodollar, which served as a self-fulfilling prophecy of sorts. Even if the petrodollar ended, you wouldn’t see significant impacts on the price of oil, the value of the USD, or the oil trade in general for years.