Saudi Arabia Considering Accepting Yuan Instead Of US Dollar For Chinese Oil Sales

  • Saudi Arabia is considering accepting Yuan for Chinese oil sales
  • If this goes through it would be a huge blow to the US dollar’s dominance in the petroleum market
  • It would also mark another shift towards Asia from Saudi Arabia 
  • This comes after Saudi Arabia and the UAE would not even take Joe Biden’s calls as it pertains to producing more oil
  • This is another major embarrassment for the United States during Biden’s presidency

Saudi Arabia is officially considering accepting the Yuan instead of the US dollar for Chinese oil sales.

From The Western Journal:

Saudi Arabia is in active talks with Beijing to price its some of its oil sales to China in yuan, people familiar with the matter said, a move that would dent the U.S. dollar’s dominance of the global petroleum market and mark another shift by the world’s top crude exporter toward Asia.

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.

This is breaking – will update it as we learn more

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