When just 20% of oil come from the middle-easr, Petrodollar is a myth. It doesn't exist.
Dollar is strong because US is 30% of world GDP and absolute ruler of the western alliance which is 60% of world GDP and they put all their money in the dollar. Its a network effect.
1. You got it reversed, western GDP is only what it is because USD has valuation it does. A country mathmatically cant run $1 trillion trade deficit without others using it and in the process allow US to "export" USD to offset that deficit.
2. Russia is another 15% and they dont trade in USD either.
3. Most importantly this is production #, not export numbers, ME doesnt consume its own oil, they make up 40% of exportable oil in the world, add Russia and we're already close to 60%
4. The only counter argument is energy isnt the only thing nor the biggest thing USD valuation depends on, its actually far more dependant on the worlds largest trading and industrial nation accepting it, oil export in USD only make up around $500 billion last year, industrial goods export from a certain country was $3.7 trillion last year with a surplus of $1.2T
The problem here is, with Iran controlling ME energy export, US just lost the last non-hostile pillar supporting USD value, and yield on $40T debt will become a lot harder to service if countries no longer want or are able to buy them, and the only country who can, would rather buy gold.
