Recent reports suggesting that the 50-year oil-for-dollar agreement between Saudi Arabia and the United States has expired and will not be renewed are not accurate. In reality, there has never been a formal, long-term "petrodollar" agreement between the two countries. Instead, the arrangement has been a relatively loose diplomatic understanding: Saudi oil is typically priced and traded in U.S. dollars, and in return, the United States provides security protection to Saudi Arabia.

Since 1974, Saudi Arabia has led other Arab countries in using U.S. dollars for oil trade, which indeed bolstered the dollar's status as the world's primary reserve currency. However, there is no evidence of a specific 50-year agreement or a decision by Saudi Arabia to end such an agreement.

The concept of the petrodollar originates from the practical trade arrangements between the U.S. and Saudi Arabia, rather than a formalized, long-term contract. While the U.S. dollar remains the primary currency for global commodity trade, its dominance is gradually diminishing as other currencies like the Chinese yuan gain prominence in international trade.

Overall, the link between oil and the U.S. dollar has not been completely severed but has started to loosen. For example, countries like China are actively promoting the use of the yuan for settling oil and natural gas trades. A significant portion of trade between Russia and China is already conducted in yuan and rubles. These trends indicate that the global trade system is becoming more diversified.

Therefore, while the traditional petrodollar system has not ended, its loosening reflects a shift in the global monetary system and efforts to adapt to new economic realities.