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There is widespread concern among Americans with reports stating, "Saudi Arabia has informed the Biden administration that it will not renew the petrodollar agreement."
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I believe the first noticeable effect will be the fluctuation of stablecoins pegged to the US dollar, such as USDT, USDC, and others. Consequently, people may shift from these currencies to Bitcoin in the cryptocurrency markets and move from the dollar to gold and silver in global markets. Notably, recent reports show significant gold purchases by China in recent months, suggesting they are preparing for something imminent.
I don't think events will unfold rapidly overnight, so we will have to wait and see the market's reaction from Monday and over the coming weeks. Since future contracts settled in dollars exist between countries, the impact might be delayed and not as immediate as some suggest.
However, the non-renewal of this 50-year agreement will undoubtedly shift significant economic balances.
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