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
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/