Oil importer nations are selling USA assets to limit depreciation as their currencies want to fall fall relative to the dollar which would further raise domestic costs. Oil exporting nations have no windfall profits to invest in USA treasuries since they cannot ship sold oil. The dollar is being squeezed by the logic of this new structure.
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Kissinger’s 1974 deal held through the Cold War, the Gulf Wars, the financial crisis and a pandemic. It has not survived this. The petrodollar loop was always a political arrangement dressed in financial clothing. Now that the politics have changed, the finance is following.
Henry Kissinger was a piece of shit.