No but it is the first step. If countries no longer have to purchase oil from OPEC in US dollars and they’re able to use their own local currency to purchase oil, that will be the end of the US dollar being the world’s reserve currency. The petrol dollar has had a stranglehold on other countries for decades because it required them to purchase oil that they needed in US Dollars.
The 50 year agreement between the US and Saudi Arabia to only trade oil in USD is coming to an end. After June 9 SA can trade oil in any currency
And that marks the end of the USD as the world’s de facto reserve currency?
No but it is the first step. If countries no longer have to purchase oil from OPEC in US dollars and they’re able to use their own local currency to purchase oil, that will be the end of the US dollar being the world’s reserve currency. The petrol dollar has had a stranglehold on other countries for decades because it required them to purchase oil that they needed in US Dollars.