On social media site X(Twitter), a news went viral. While sharing the news users claimed that Saudi Arabia will stop using the US dollar for oil sales and will not renew the 50-year petro-dollar agreement with the U.S. 

An account with the username @GlobeEyeNews wrote: “Saudi Arabia will stop using the US dollar for oil sales and will not renew the 50-year petro-dollar agreement with the U.S.”

Moreover, other users also shared this claim with similar facts.

Fact-Check

The DFRAC team conducted a keyword search in this regard and found a  report published by Protos.com mentioning “Of course, the reality is that almost all oil trade has been and will be priced in US dollars (or dollar-settled US treasury equivalents) for many years to come. This is not because the kingdom signed an ancient document but simply because the US dollar is the world’s most liquid currency”

Also, we found a another report from The News Arab stating “The problem is that no-such oil pact between Saudi Arabia and the US ever existed, at least not formally. As much as I’d like to believe this to be true, this 50-year expiry date on a petrodollar agreement is, as far as I can see and after quite a bit of research, purely made up,” pointed out energy watcher Arnaud Bertrand”.

Conclusion 

It is clear from fact-check by DFRAC that Saudi Arabia will not stop using the US dollar for oil sales. Additionally, the 50-year petro-dollar agreement with the U.S is purely made up

Analysis: Misleading