US-Saudi petrodollar deal ends after 50 years: What are petrodollars?

The US-Saudi Arabia petrodollar deal, a pivotal arrangement in global finance, has ended after 50 years.

This landmark deal, initiated on June 8, 1974, facilitated the exchange of US dollars for crude oil exports, bolstering the dollar's dominance.

It expired on June 9.

Petrodollars are not a currency but US dollars exchanged for crude oil exports.

The term "petrodollars" refers to the US dollars earned by oil-exporting countries through the sale of oil.

The concept emerged in the early 1970s and has played a significant role in global economics and geopolitics.