India, China, and Russia, and other oil producers and consumers, continue to diversify their trade away from the US dollar global reserve currency, whose significant devaluation remains assured by perpetual quantitative easing. The US dollar continues to lose its status as the global reserve currency. China, the second largest economy, continues to make bilateral Chinese currency exchange agreements with its trading partners to reduce exposure to the US dollar.
Oil producing stocks are on my long term investment watchlist. If the oil price is linked to gold then the oil price may well rise over the longer term with the gold price. Oil, and oil producers, could provide a hedge against US dollar inflation.