Saudi Arabia, China in Yuan-Based Oil Sales Talks

Saudi Arabia is reportedly in talks with Beijing about pricing some of its oil sales to China in yuan, according to the Wall Street Journal, in a move that observers say could impact the dollar’s supremacy in the global petroleum market.

The ongoing talks with China – which buys more than 25% of the oil that Saudi Arabia exports – over yuan-priced oil contracts have taken on new impetus this year with the Saudis said to be unhappy with the US’s defence strategy in the region. Full story: The Wall Street Journal

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.