Petrodollar System’s Death! Saudi Arabia Considers Pricing Crude Oil In Yuan!

The petrodollar system has been in place for decades, ensuring international demand for the US Dollar by pricing all oil trading in terms of Dollars as opposed to some other currency.

The rise of cryptocurrencies threatens this system and the geopolitical tensions and alliances. Latest reports claim that Saudi Arabia considers pricing oil in Chinese Yan as opposed to USD.

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These were the reactions from the world.

The Wall Street Journal reported:

The talks with China over yuan-priced oil contracts have been off and on for six years but have accelerated this year as the Saudis have grown increasingly unhappy with decades-old U.S. security commitments to defend the kingdom, the people said.

The Saudis are angry over the U.S.’s lack of support for their intervention in the Yemen civil war, and over the Biden administration’s attempt to strike a deal with Iran over its nuclear program. Saudi officials have said they were shocked by the precipitous U.S. withdrawal from Afghanistan last year.

CoinDesk explained:

China is a buyer of more than 25% of Saudi Arabia’s exported oil, according to the story.

The news would seemingly be of interest to the bitcoin (BTC) and gold markets, but, for now, there’s little reaction,

 

Source

Coin Desk The Wall Street Journal Twitter

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