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It only needs to be bought with dollars until it doesn’t.

Good thing there are no major geopolitical conflicts or realignments going on between the US and major oil producers

Exactly. China sees the current sale price of Russian petroleum products as just such an opportunity, and is using the Northern Sea Route to move the products (1). The Russians have recently passed a law to further assert their control of that route (2). Interestingly, the US countered by conducting what amounts to a freedom of navigation operation in the area (3).

(1) https://www.bloomberg.com/news/articles/2023-07-24/russia-s-...

(2) https://www.belfercenter.org/publication/new-russian-law-nor...

(3) https://thebarentsobserver.com/en/arctic/2023/10/uscg-healy-...

Don’t forget Iran and Venezuela. And the Israel/Palestine conflict, along with other geoeconomic factors, puts Saudi Arabia and other Arab nations in play. New production coming online via projects such as EACOP as well.

Maybe read up on the recent BRICS summits.