The petrodollar system, the bedrock of global finance since the 1970s, faces an uncertain future. The recent expiration of the U.S.-Saudi petrodollar pact in June 2024 marks a turning point, prompting a reassessment of the dollar’s role in oil trade and the broader geopolitical landscape. This article delves beyond the narrative of a simple decline, exploring the complex interplay of factors driving a potential transition towards a multipolar financial order. Beyond the Cracks: Structural Shifts and Geopolitical Tensions: While the waning U.S. dominance in oil production and the strained U.S.-Saudi relationship are ... (full story)