Kissinger’s agreement with OPEC detailed US protection and funding for infrastructure, regime protection, and military assistance for OPEC nations
if they agreed to only receive payment for Oil in dollars. In return, OPEC was to purchase T-bills with a percentage (in 1971 it was 20%) of the dollars
it received from its sale of oil. This cycle, from which the US prints IOU’s which countries need to purchase oil which ultimately return to OPEC and
are kept at the Fed is the concept of the petrodollar – suggesting actual reasons for the Iraq war, and many other critical issues about the mess we’re in today….