The agreement that has lasted for 75 years will not be renewed. The Saudi prince has announced they are abandoning the dollar as the energy standard and will now accept all currencies. Since 1944 the Brenton Woods agreement has aligned the USA with the standard bearer currency in a post global conflict. 5 years later, backed by gold, the energy sector aligned to the dollar. 

In 1971 the gold standard desolved, but America was able to keep its place as the official trade currency. Over the past eighty years this policy has enabled America of manipulating and seizing the liquidity of foreign countries, placing them in a position of weakness to the demands of the dollar bearing world. Twelve years ago conversations became formal with BRICS. They created a plan to move from the dollar to a new currency. Saudi Arabia has been part of these conversations. The last year has seen many more countries joining the BRICS agreements.

The discontinuation of the petro dollar agreement is an abject failure of the Biden administration. The collapse of the dollar and our empire is the desired outcome BRICS wants to see. Without a strong leader, they may succeed.