The backbone of the petrodollar is the deal with the Saudis where they agreed to exclusively trade oil in USD. That deal is no longer in place.

The non-renewal of the 50 year agreement hasn’t changed the Saudi wholesaling of their light sweet crude in USD. Nor has it discouraged the Saudis from accruing enormous volumes of US Treasury notes with those dollars. Nor purchasing US military equipment nor contracting with US energy companies for transport and refining nor gobbling up commodities in US agricultural and industrial markets.

This is the real reason the US wants to steal Venezuela’s oil now.

It’s not. The US is a net oil exporter. We don’t need Venezuela’s oil now any more than we needed it 20 years ago, when the Fraking boom began.

But Venezuela’s export markets help keep Cuba’s economy afloat and their power on. Cutting off the bilateral trade between Venezuela and Cuba helps further isolate Cuba. And that opens Cuba up to a similar encirclement and bombardment and eventual decapitation of national leadership.

If you look at the people running the Trump bureaucracy, Cuba is the real crown jewel of Carribbean foreign policy. It’s the prize everyone from Marco Rubio to Jeff Bezos has their eyes on and the reason why Trump’s Mar-a-Lago resort is crowded with guisanos looking to re-colonize the island.

None of this has to do with the petrodollar, which remains as strong as ever. The goal is to finally crack Cuba like the US cracked Chile, Argentina, and (for at least a little while under Bolsonaro) Brazil.