Saudi Arabia, led by Crown Prince
Mohammed Bin Salman, has chosen not to renew a security agreement with the US, set to expire on June 9, 2024. This means Saudi Arabia can now sell oil and other goods in currencies like the RMB, Euros, Yen, Yuan, and more, instead of just the US dollar. It's a big change because it challenges the dominance of the petrodollar system, which has been in place since the US stopped tying its currency to gold in 1972. This decision is expected to speed up the process of moving away from the US dollar.