Saudi Arabia Considers Selling Oil in Yuan

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Where Ted Talks end, Truth Talks begin.
Defending democracy by defending free speech

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Saudi Arabia Considers Selling Oil in Yuan

By RT News

Top oil producer distances itself from petrodollar hegemony.

Saudi Arabia is considering selling some of its oil to China in yuan rather than dollars, people familiar with the matter told the Wall Street Journal on Tuesday, citing “active talks” between Riyadh and Beijing. Such a move could further marginalize the petrodollar paradigm that has controlled the global financial system for over half a century, placing the dollar’s status as the international reserve currency at risk..

China buys over a quarter of the oil exported by Saudi Arabia, meaning that denominating those deals in yuan would significantly boost the international profile of the Chinese currency. Currently, 80% of global oil sales are transacted in dollars, with the Saudis trading exclusively in the US currency since 1974 – when Washington offered Riyadh security guarantees in exchange for its loyalty to the petrodollar system.

While China and Saudi Arabia have been discussing pricing oil deals in yuan for six years, those talks have recently increased in urgency due to Saudi dissatisfaction with the policies of the US government. From Washington’s growing efforts to distance itself from the Saudi-led war in Yemen, which has plunged what was already the poorest nation in the Middle East into a drastic humanitarian catastrophe, to its condemnation of Crown Prince Mohammed bin Salman (MBS) over the grisly murder of journalist Jamal Khashoggi, Riyadh is upset over what it feels is the duty of the US to live up to its security commitments to the Kingdom, WSJ reported.

US President Joe Biden didn’t help matters by declaring during his 2020 campaign that MBS should be considered a “pariah” for his alleged role in Khashoggi’s killing, an accusation the Crown Prince has said not only violated his human rights but hurt his feelings.

The hurt feelings of a Saudi prince are nothing to snicker at, as MBS reportedly refused to take Biden’s calls earlier this month as the American leader hunted around for a cheaper source of oil and gas as prices at the pump soared to near-record highs stateside amid the conflict in Ukraine.

Indeed, the US’ history of grandstanding animosity toward many of the top oil-producing states – from Venezuela to Iran to Russia – has left it with little space to maneuver as commodity prices and inflation continue climbing with no end in sight. Biden is reportedly planning a trip to Saudi Arabia later this spring in an effort to mend relations, though some at home might question Washington’s criticism of Russia’s human rights record while Riyadh beheaded a record-setting 81 prisoners in a single day over the weekend.

The western economy’s moves to shut Russia out of the global financial system have countries like China, already on several sanctions blacklists, hunting around to ensure what happened to Russia cannot happen to them. Should the Saudis begin successfully selling their oil to China in yuan, the move could be emulated by China’s other major fuel suppliers – Angola and Iraq, as well as Russia.

Attempting to sell oil in non-dollar currencies used to be a bad omen for a nation – Iraq, Libya, Syria, and Iran have all made moves away from the dollar, only to be strictly punished for their independence by the US military. But with Washington’s military failure in Afghanistan, as well as its current domestic troubles, other nations may have concluded that it is no longer the kind of power it once seemed to be.

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Support the ANR from as little as $8 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Related News

Where Ted Talks end, Truth Talks begin.
Defending democracy by defending free speech

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Leave a Reply

Your email address will not be published. Required fields are marked *

Documentary: Died Suddenly (2022)

Play Video

McIntyre Report
Political Talk Show

Episode 158

Episode 158

How you can advertise on Truthbook.social

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Ukraine. Military Summary And Analysis 23.01.2023

Raw Report

Ryan Jackson Saw show

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

ANR on

Currency Exchange Rates in AUD

Live and updated every minute of the day

Nurses Speak Out

Get our free News Emails on latest articles, alerts and solutions for both legal templates and ways to help fight back against the Globalists vax Mandates , and health resources to boost your immune system and ways to Protect from deadly EMF 5G radiation and more.

FREE E-BOOKS AND REPORTS ALSO

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Thank you for visiting the
Australian National Review

To continue accessing more articles for free simply enter your email address

Watch Full Documentary

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY