The agreement created an artificial, global demand for U.S. dollars. Every country on Earth needed dollars to buy oil. This allowed the U.S. to print unlimited money to funds the military, entitlement programs, and deficit spending. The petrodollar is more important to U.S. hegemony than aircraft carriers.
But then in 2017, Maduro threatened that system by announcing that Venezuela would "free itself from the dollar" by implementing a new international payment system using other currencies, including the Chinese yuan, the Euro, and the Russian ruble. Venezuela's petroleum ministry began listing oil prices in yuan rather than U.S. dollars for the first time.
The proven oil reserves in Venezuela are the largest in the world, totaling 303.3 billion, more than Saudi Arabia's 297.7 billion barrels. For the first time, some 20% of the globe's petroleum preserves were available for purchase in yuans, not dollars.
The U.S. takes that kind of challenge to the dollar's supremacy seriously. In 2000, Saddam Hussein announced that Iraq will sell oil in euros instead of dollars. This was the real reason Bush Junior invaded Iraq and had Saddam deposed and killed. Not terrorism, not WMD's, not to finish what Daddy had started. After the war, Iraq's oil switched back to dollars and the WMDs were never discovered because they never existed.
In 2009, Gaddafi proposed a gold-backed African currency for oil trade. In 2011, Obama had NATO bomb Libya. Gaddafi was killed and his African currency died with him.
Then Maduro, with five times more oil than Saddam and Gaddafi combined, started actively selling petroleum in yuan. Now he's on trial in Manhattan for whatever charges the DOJ comes up with.
The world is watching a sovereign nation get invaded for trading outside of the dollar. Russia, China, and Iran have already denounced the invasion and kidnapping as "armed aggression."
The deeper problem is the petrodollar is already in decline. Due to U.S. sanctions, Russia has been selling oil in rubles and yuan since it invaded Ukraine. Iran has been trading in non-dollar currencies for years to get around U.S. sanctions. Saudi Arabia is openly discussing yuan settlements, and the BRICS nations (Brazil, Russia, India, China, and South Africa) have expanded to include Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, and are actively pursuing payment systems that bypass the dollar entirely.

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