Saudi Arabia has ended its 50-year petrodollar deal with the US

The world of finance is in for a big change as on June 9 Saudi Arabia decided not to renew its petrodollar agreement with the US.

This agreement concerned the use of the US dollar to buy and sell oil, and it was this transaction that was a major reason for the strength of the US dollar in the world economy.

The agreement was first signed on June 8, 1974. It created two groups, one working on economic cooperation and the other on Saudi Arabia's military needs.

According to information at the time, people believed that this would help the two countries work closely together.

At the time, U.S. officials believed the deal would make Saudi Arabia produce more oil and that it could partner more economically with other Arab countries.

Now after the deal nyama to resume, Saudi Arabia can sell oil and other things in different currencies. Among them are the Chinese yuan, the euro, the yen and digital currencies such as Bitcoin .

Experts believe this will help move the world away from using the US dollar as its main currency.