This agreement, originally signed on June 8, 1974, had been a key part of US global economic influence.

The deal set up joint commissions for economic cooperation and Saudi Arabia's military needs. Back then, American officials hoped it would encourage Saudi Arabia to produce more oil and strengthen economic ties with Arab countries.

Credits: Getty Images; Author: Seksan Mongkhonkhamsao;

By choosing not to extend this contract, Saudi Arabia can now sell oil and other goods using different currencies, such as the Chinese RMB, Euros, Yen, and Yuan, instead of only US dollars.