The article is a little sloppy.
The petro dollar concept was a quid pro quo.
The Saudis will only accept dollars for their oil.
In exchange the US provides for their security.
Has the US abandoned Saudi security officially?—or are the Saudis just hedging their bets so they have the option to void the agreement.
It sounds like it is the latter.
The Saudis cannot defend themselves, so they need an absolute guarantor of their security.
Ambiguity over who has that responsibility could be a fatal error on their part.
Here's a 6 minute video at the end of the article that GP has included to further shore up the justification for the headline:
Not Clickbait Petro Dollar died Russia / Saudi Arabia sign historic deal Got Gold, Silver & Bitcoin?
What can I say? Stupid self defeating title for the video, but I found the video very interesting!
China just made a 25 year, $500 Billion oil deal with Saudi Arabia and I believe it was in China’s currency, not the US Doallar
I think both Saudi and Russia are recognizing that US shale oil production will not be the swing factor it once was.
The GP headline is misleading and politically charged - but we CAN say for certain that the OPEC cartel is now strengthened, and Saudi and Russia both intend to make sure the oil price goes higher and stays higher.
But you can see where people are going with this... they're tired of us sliding out from under our debt using inflation as a tool...
There's reasons we can 'just print more money' and little hellholes like Haiti can't...