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The Death Of The Petrodollar System: Saudi Arabia Considers Pricing Crude Oil In Chinese Yuan


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I have been writing on the death of the petrodollar system for some time now…

This system which has now been in place for decades ensures international demand for the U.S. Dollar by pricing all oil trading in terms of Dollars as opposed to some other currency.

The rise of cryptocurrencies threatens this system from one side, while geopolitical tensions and new alliances threaten it from the other…

According to the latest reports, Saudi Arabia is considering pricing oil in Chinese Yuan as opposed to USD.

Reactions to the proposal from around the world all seem to be saying the same thing:

According to The Wall Street Journal:

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.

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CoinDesk explains:

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,



 

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