{"id":62214,"date":"2022-03-16T07:10:43","date_gmt":"2022-03-16T12:10:43","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62214"},"modified":"2022-03-16T07:10:43","modified_gmt":"2022-03-16T12:10:43","slug":"us-dollars-dominance-in-oil-markets-may-face-challenge-as-saudis-reportedly-eye-yuan-based-sales-deal-with-china","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62214","title":{"rendered":"US dollar&#8217;s dominance in oil markets may face challenge as Saudis reportedly eye yuan-based sales deal with China"},"content":{"rendered":"<section class=\"post-headline-wrapper default-headline\">\n<h3 class=\"post-headline \"><a href=\"https:\/\/markets.businessinsider.com\/news\/currencies\/us-dollar-vs-yuan-saudi-arabia-china-oil-sales-deal-2022-3?utm_medium=social&amp;utm_campaign=sf-bi-main&amp;utm_source=facebook.com&amp;fbclid=IwAR3qbpK9XUwVzpw_P2IHlLGxUurud8ZWAyKOxoG4CUUZv4lnWmQCoaolLzE\">US dollar&#8217;s dominance in oil markets may face challenge as Saudis reportedly eye yuan-based sales deal with China<\/a><\/h3>\n<\/section>\n<section id=\"l-content\" class=\" is-right-rail with-rail-video-ad\" data-track-page-area=\"Post\" data-post-content=\"\">\n<section class=\"row\">\n<div class=\"col-12\">\n<article>\n<figure class=\"figure image-figure-image \" data-type=\"img\" data-e2e-name=\"image-figure-image\" data-media-container=\"image\">\n<div class=\"aspect-ratio\"><img decoding=\"async\" src=\"https:\/\/i.insider.com\/6230bfe5843ef30018e720fb?width=700\" sizes=\"(min-width: 1280px) 900px\" srcset=\"https:\/\/i.insider.com\/6230bfe5843ef30018e720fb?width=400&amp;format=jpeg&amp;auto=webp 400w, https:\/\/i.insider.com\/6230bfe5843ef30018e720fb?width=500&amp;format=jpeg&amp;auto=webp 500w, https:\/\/i.insider.com\/6230bfe5843ef30018e720fb?width=700&amp;format=jpeg&amp;auto=webp 700w, https:\/\/i.insider.com\/6230bfe5843ef30018e720fb?width=1000&amp;format=jpeg&amp;auto=webp 1000w, https:\/\/i.insider.com\/6230bfe5843ef30018e720fb?width=1300&amp;format=jpeg&amp;auto=webp 1300w, https:\/\/i.insider.com\/6230bfe5843ef30018e720fb?width=2000&amp;format=jpeg&amp;auto=webp 2000w\" alt=\"HANGZHOU, CHINA - SEPTEMBER 04: Chinese President Xi Jinping (right) shakes hands with Saudi Arabian Deputy Crown Prince and Minister of Defense Mohammed bin Salman bin Abdulaziz Al Saud to the G20 Summit on September 4, 2016 in Hangzhou, China. World leaders are gathering in Hangzhou for the 11th G20 Leaders Summit from September 4 to 5. (Photo by Lintao Zhang\/Getty Images)\" \/><\/div><figcaption class=\"image-caption headline-bold\" data-e2e-name=\"image-caption\">Saudi Crown Prince Mohammed bin Salman and Chinese President Xi Jinping.\u00a0<\/figcaption><span class=\"image-source-caption \"><span class=\"image-source headline-regular\" data-e2e-name=\"image-source\">Lintao Zhang\/Getty Images<\/span><\/span><\/figure>\n<div>\n<section class=\"post-content typography \" data-track-content=\"\" data-post-type=\"post\">\n<div id=\"piano-inline-content-wrapper\" data-piano-inline-content-wrapper=\"\">\n<div data-component-type=\"content-lock\" data-load-strategy=\"exclude\">\n<div class=\"content-lock-content\">\n<ul class=\"summary-list summary-list-variant\">\n<li>Saudi Arabia is in talks to sell oil to China and be paid in yuan, according to the Wall Street Journal.<\/li>\n<li>For nearly 50 years, the world&#8217;s top oil exporter has traded crude exclusively in US dollars.<\/li>\n<li>Relations between Saudi Arabia and the US have deteriorated under the Biden administration.<\/li>\n<\/ul>\n<div id=\"formContainer\" class=\"inline-newsletter-signup headline-regular\" data-component-type=\"inline-newsletter-module\" data-event-label=\"10_things_markets\" data-list=\"10 Things Before the Opening Bell\" data-acq-source=\"marketsverticalinline\">\n<section class=\"sub-header-container\"><\/section>\n<section class=\"inline-newsletter-content\">\n<form id=\"emailCapture\" action=\"javascript:void(0);\" method=\"POST\" novalidate=\"\">\n<div class=\"desktop-error-msg error-msg headline-regular\">The world&#8217;s top oil exporter and the world&#8217;s biggest oil importer could shake up the US dollar&#8217;s dominance in the global petroleum market.<\/div>\n<\/form>\n<\/section>\n<\/div>\n<p>Saudi Arabia is in talks to sell oil to China and be paid in yuan instead of dollars, according to a Wall Street Journal\u00a0<a href=\"https:\/\/www.wsj.com\/articles\/saudi-arabia-considers-accepting-yuan-instead-of-dollars-for-chinese-oil-sales-11647351541?mod=lead_feature_below_a_pos1\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\" data-uri=\"2ec38a25e566c31664b2bba321472c08\">report<\/a>.<\/p>\n<p>About 80% of global oil sales are done in dollars, and Saudi Arabia has conducted its deals exclusively in the greenback since 1974. So if a Saudi-yuan deal were to be made, it would bolster China&#8217;s currency at the expense of the dollar as Beijing looks to challenge US leadership in financial markets.<\/p>\n<p>The likelihood of a potential deal between Saudi Arabia and China has picked up recently, according to the Journal. The longtime Mideast ally has grown unhappy with the US due to the Biden administration&#8217;s reluctance to do more in the Yemen civil war and its push to revive the Iran nuclear deal.<\/p>\n<p>In 2020, Biden also promised to\u00a0<a href=\"https:\/\/www.businessinsider.com\/mbs-says-being-accused-of-khashoggi-murder-hurts-his-feelings-2022-3?utm_medium=ingest&amp;utm_source=markets\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"100\" data-uri=\"405461839d43cc492b6e829898b022fc\">make Saudi Arabia a &#8220;pariah&#8221;<\/a>\u00a0over the\u00a0<a href=\"https:\/\/www.insider.com\/the-murder-of-jamal-khashoggi-2019-10?utm_medium=ingest&amp;utm_source=markets\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"100\" data-uri=\"54083e51f01830a0acf919802c17ba18\">murder of a journalist<\/a>. And since becoming president,\u00a0<a href=\"https:\/\/www.businessinsider.com\/white-house-saudi-arabia-petty-dig-shows-biden-serious-2021-2?utm_medium=ingest&amp;utm_source=markets\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"100\" data-uri=\"367cd22fa282893fd58fb91a81f77aca\">he has made it clear<\/a>\u00a0that he doesn&#8217;t consider Saudi Arabia as an ally, but rather as a partner.<\/p>\n<p>What&#8217;s more, Saudi Crown Prince Mohammed bin Salam reportedly\u00a0<a href=\"https:\/\/www.businessinsider.com\/saudi-mbs-rejected-biden-request-discuss-russia-oil-crisis-wsj-2022-3?utm_medium=ingest&amp;utm_source=markets\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"100\" data-uri=\"04fdea5b7d0e5e8642e274ed292a64df\">rejected a request for a call with Biden<\/a>\u00a0to discuss Ukraine and boost oil production amid the West&#8217;s sanctions against Russia.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/article>\n<\/div>\n<\/section>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>US dollar&#8217;s dominance in oil markets may face challenge as Saudis reportedly eye yuan-based sales deal with China Saudi Crown Prince Mohammed bin Salman and Chinese President Xi Jinping.\u00a0Lintao Zhang\/Getty Images Saudi Arabia is in talks to sell oil to China and be paid in yuan, according to the Wall Street Journal. For nearly 50 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[9218,130,2245,626,32768,701,827,839],"class_list":["post-62214","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-business-insider","tag-china","tag-oil-market","tag-petrodollar","tag-phil-rosen","tag-saudi-arabia","tag-united-states","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62214"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62214\/revisions"}],"predecessor-version":[{"id":62216,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62214\/revisions\/62216"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}