yes thats basically, going along the lines of the Chartalist / Modern Monetary Theory view of money, and combining it with the Petrodollar theory of money.

sorry - edit - tried to keep this short, keep messing up. Theres a lot of deep rabbit holes if you want to dig into those theories online.

just keep in mind a lot of economists disagree with MMT / Chartalism and some even disagree with what a Petrodollar is.