Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Saudi Arabia Is Open To Discuss Non-Dollar Oil Trade Settlements
- In Davos, Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan surprised the world’s oil industry by saying that they are open to the possibility of conducting oil trade in a currency other than the US dollar.
- “There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” he said. This is another blow to the dominance of the dollar in world trade.
- However, Saudi Arabia is willing to deepen its strategic cooperation in oil trade with China, the world’s largest crude oil importer.
- Last month, China and Saudi Arabia agreed to expand crude oil trade as they upgraded their relations to a strategic partnership during the visit of Chinese President Xi Jinping in the Saudi capital Riyadh.
- China, for its part, plans to make its own currency, the yuan, more prominent in international oil trade.
- During a visit to Saudi Arabia last month, Xi Jinping pledged to ramp up efforts to promote the use of the yuan in energy deals, suggesting at a summit in the Saudi capital that the Gulf Cooperation Council (GCC) countries should make full use of the Shanghai Petroleum and Natural Gas Exchange to carry out its trade settlements in yuan.
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