Saudi Arabia, led by Crown Prince Mohammed Bin Salman, has decided not to renew a security agreement with the US that expires on June 9, 2024. This allows Saudi Arabia to sell oil and other goods in currencies like the RMB, Euros, Yen, Yuan, and more, instead of just the US dollar. This is a major change because it challenges the dominance of the petrodollar system, which has been in place since the US stopped linking its currency to gold in 1972. This decision is expected to accelerate the shift away from using the US dollar.