Saudi Arabia’s 50-year petrodollar agreement with the US expired on Sunday, June 9, 2024, giving Saudi Arabia the freedom to sell oil in various currencies. Saudi Arabia’s decision not to renew its contract allows for the sale of oil and goods in multiple currencies, like the Chinese RMB, Euros, Yen and Yuan. This move is anticipated to speed up the use of currencies other than the US dollar in global trade.

The initial agreement, signed in 1974, required any country purchasing oil from Saudi Arabia to pay with U.S. Dollars. Many other oil producing countries made the decision to sell in dollars as a result.