Mahmud Ahmadinejad is calling OPEC members creating new joint bank and their own currency to price oil trades. Iranian president called in past not to use dollar to price oil trades, but his calls failed. If OPEC members will shift sales away from dollar then how will this affect USA and the OPEC members ?
Saudi Arabia will hold onto the dollar for quite some time. In the early 70s, the US made many agreements with Saudi Arabia which basically mandated that only US dollars be used for the sale of oil, in return the US would be militarily aligned with the nation and provide it protection. This was done to stop further drop in the dollars worth after the complete removal of the gold standard in 1971, while benefiting from the instability of Middle Eastern nations by providing Saudis with protection.