I'm still a little uncertain about what the reality is surrounding all of this. Kim Iversen had a segment talking about what the exact agreement was. 

I guess it doesn't have to be a formal contract or treaty. A credible assurance of military protection under petrodollar stipulations is effectively the same thing, but then it's odd that people are talking about the agreement "expiring".

Undisciplined

But also, the article refutes the idea of a petro dollar 

. This reminds me of another rumour that announced the adoption of a gold backed currency by the BRICS and turned out to be completely false.

It now seems clear that these reports of an alleged formal petrodollar “contract” did indeed get several key facts wrong. First of all, the Saudis’ turn toward embracing currencies other than dollars is not new. Moreover, there is no known formal treaty or contract between the US and Saudi Arabia—least of all one with an expiration date.

econ

Saudi Arabia Drifts Away from Washington and the Dollar

But also, the article refutes the idea of a petro dollar _contract_. This reminds me of another rumour that announced the adoption of a gold backed currency by the BRICS and turned out to be completely false. 

> It now seems clear that these reports of an alleged formal petrodollar “contract” did indeed get several key facts wrong. First of all, the Saudis’ turn toward embracing currencies other than dollars is not new. Moreover, there is no known formal treaty or contract between the US and Saudi Arabia—least of all one with an expiration date.