Yes, this is HUGE news. Obviously, there is a divide in the Saudi leadership. One faction is pro-USA anti-Iran no matter what and the other faction sees Israel as a major threat, USA as unreliable and Iran as negotiable.
Moving away from the dollar for international oil trade would not be easy for KSA. First it would need to open secret bilateral negotiations with Iran and then get Russia / China patronage for defense. KSA is, to be frank, quite weak in terms of defense and its USA-purchased weapons would be unusable if the opponent is USA or Israel.
Good news for KSA is there is a serious window of opportunity coming up. Israel is going to attack Iran (
Israelis Grow Confident Strike on Iran). Obama is very vulnerable in the Presidential elections because Iraq War is lost, Afghanistan is lost (
Third NATO service member killed in alleged "green on blue" attack - CNN.com), Syria intervention is blocked, and attempts at China containment merely provoked the rise of Xi Jinping and military hawks.
When Israel / USA and Iran lock horns, KSA can announce the end of the petro-dollar and Russia / China will announce support and military protection for KSA. At that point, USA will be too weakened and its attention too scattered to take direct military action against KSA.