This agreement, originally signed on June 8, 1974, had been a key part of US global economic influence and power.

The deal set up joint commissions for economic cooperation and Saudi Arabia's military needs. Back then, American officials hoped it would encourage Saudi Arabia to produce more oil and strengthen economic ties with Arab countries.

By choosing not to extend this contract, Saudi Arabia can now sell oil and other goods using different currencies, such as the Chinese RMB, Euros, Yen, and Yuan, instead of only US dollars. There's also talk of exploring digital currencies like Bitcoin for transactions.

This decision marks a significant move away from the petrodollar system established in 1972 when the US stopped linking its currency directly to gold.

It's expected to accelerate the global trend of using currencies other than the US dollar in international trade.

Additionally, Saudi Arabia has joined Project mBridge, a collaborative effort exploring a digital currency platform shared among central banks and commercial banks.