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China, Saudis Aim For Petro-Yuan – Sylvain Saurel

Even if most oil sales are done in dollars, more and more countries are doing deals in other currencies, as shown by India’s purchase of Russian crude via a rouble/rupee transaction

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Is the sun setting on the US dollar's domination of global oil deals? Photo: Reuters.

 

The IMF for once seems to have got it right when it said the war in Ukraine “could fundamentally alter the global economic and geopolitical order, if energy trade shifts, supply chains reconfigure, payment networks fragment, and countries rethink their currency reserves,” writes crypto blogger Sylvain Saurel.

Even if more than 80% of oil sales contracts are still denominated in dollars, more and more emerging countries are no longer hesitating to do deals in other currencies, as shown by India’s purchase of Russian crude via a rouble/rupee transaction.

Read the full story: Sylvain Saurel.

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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