Reports of the petrodollar system’s demise are ‘fake news’ — here’s why

It seemed like big news, and many wondered why the mainstream media had seemingly ignored it. Turns out, there was a very good reason.

Earlier this week, reports circulating widely on social-media platforms like X offered up a shocking proclamation: A 50-year-old agreement between the U.S. and Saudi Arabia requiring that the latter price its crude-oil exports in U.S. dollars had expired on Sunday.

The collapse of the accord would inevitably deal a fatal blow to the U.S. dollar’s status as the de facto global reserve currency, various commentators on...