The petro dollar is dead or dying

The petro dollar is dead or dying, according to some experts and analysts who have observed the recent trends in the global oil market. The petro dollar is the term used to describe the U.S. dollar as the dominant currency for trading oil and other commodities. The petro dollar was established in the 1970s, when the U.S. struck a deal with Saudi Arabia and other OPEC members to price their oil exports exclusively in dollars, in exchange for economic and military support. This created a huge demand for dollars among oil-importing countries, and gave the U.S. a privileged position in the global financial system.