Translation: Beijing told Riyadh this is the new groove. This is a very dangerous precedent for the Saudis. This essay surveys two topics which have come into blinding spotlight in recent weeks; the petrodollar, its likely eviction from the cosmos and hence demise of US global hegemony, and second the pluperfect cock-up by Putin and NATO-West, and the humiliation of, not as pokerfaced as Putin, nor as dour as never-smile Xi, perpetual clown … In the first few weeks of March, US oil prices [content ambiguous] fell by 34%, crude oil fell by 26%, and Brent oil fell by 24%. Saudi human rights violations and Russia's invasion of Ukraine have led to suggestions those countries' rulers have been emboldened by their oil wealth. Two years later, in an effort to maintain global demand for U.S. dollars, another system was created called the petrodollar system. Russia’s demand for payment in rubles comes amid growing concerns about the fate of the ‘petrodollar’, a system in which oil is only traded on the global market in American currency. And now Saudi TV is making fun of Joe Biden. China buys more than 25% of the oil that Saudi Arabia exports, and if priced in yuan, those sales would boost the standing of China’s currency, and set the Chinese currency on a path to becoming a global petroyuan reserve currency. 2013 rift. In 2022, China revived its effort to clinch a free trade agreement with the GCC, including Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman. Sanctions against Russia have inspired local currency-denominated deals in oil and natural gas products and services, as Russia and some of its clients sought workarounds. Russia and Saudi Arabia concluded a joint venture between Saudi Aramco and LUKOIL to develop new Saudi gas fields. The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) … Two years later, in an effort to maintain global demand for U.S. dollars, another system was created called the petrodollar system. Since making an agreement with the Nixon administration in 1974, the Saudis have traded oil exclusively for U.S. dollars. ... system based on the petrodollar. In 1973, a deal was struck between Saudi Arabia and the United States in which every barrel of oil purchased from the Saudis would be denominated in U.S. dollars.Under this new arrangement, any country that sought to purchase oil from Saudi … Saudi human rights violations and Russia's invasion of Ukraine have led to suggestions those countries' rulers have been emboldened by their oil wealth. This is a very dangerous precedent for the Saudis. ... April 05, 2022 Author: K.A. ... system based on the petrodollar. Badarinath. On 8 March 2020, Saudi Arabia initiated a price war on oil with Russia, facilitating a 65% quarterly fall in the price of oil. Already, diplomatic cracks in the system have begun to show. Saudi Arabia is now in active talks with China about accepting yuan for some of its oil sales to China, a move that would undermine the U.S. dollar. In the first few weeks of March, US oil prices [content ambiguous] fell by 34%, crude oil fell by 26%, and Brent oil fell by 24%. Since making an agreement with the Nixon administration in 1974, the Saudis have traded oil exclusively for U.S. dollars. In 2022, China revived its effort to clinch a free trade agreement with the GCC, including Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman. Saudi officials have said they were shocked by the precipitous U.S. withdrawal from Afghanistan last year. Saudi Arabia is now in active talks with China about accepting yuan for some of its oil sales to China, a move that would undermine the U.S. dollar. In 1973, a deal was struck between Saudi Arabia and the United States in which every barrel of oil purchased from the Saudis would be denominated in U.S. dollars.Under this new arrangement, any country that sought to purchase oil from Saudi … The economic sanctions that have been imposed upon Russia have caused immense damage, but a loss of the petrodollar would be absolutely devastating for the U.S. economy. Despite a complicated relationship, many Biden officials have continued to reiterate the U.S. commitment to Saudi Arabia’s security. Translation: Beijing told Riyadh this is the new groove. On 8 March 2020, Saudi Arabia initiated a price war on oil with Russia, facilitating a 65% quarterly fall in the price of oil. And now Saudi TV is making fun of Joe Biden. China buys more than 25% of the oil that Saudi Arabia exports, and if priced in yuan, those sales would boost the standing of China’s currency, and set the Chinese currency on a path to becoming a global petroyuan reserve currency. Sanctions against Russia have inspired local currency-denominated deals in oil and natural gas products and services, as Russia and some of its clients sought workarounds. The Search For Petrodollar Alternatives. The economic sanctions that have been imposed upon Russia have caused immense damage, but a loss of the petrodollar would be absolutely devastating for the U.S. economy. Saudi Arabia is considering selling some of its oil to China in yuan rather than dollars, people familiar with the matter told the Wall Street Journal on Tuesday, citing “active talks” between Riyadh and Beijing.Such a move could further marginalize the petrodollar paradigm that has controlled the global financial system for over half a century, placing the dollar’s status as … Badarinath. The Search For Petrodollar Alternatives. Saudi Arabia has elected to stay “neutral” in the Russia Ukraine war according to the map below. Russia and Saudi Arabia concluded a joint venture between Saudi Aramco and LUKOIL to develop new Saudi gas fields. Saudi Arabia has been a close ally of the United States since the 1930s. ... April 05, 2022 Author: K.A. Both Saddam Hussein and Gaddafi were killed for the exact same reason. The Saudis have also entered negotiations with China to receive Chinese Yuan currency as payment for China’s oil imports from Saudi Arabia – instead of US Dollars. The Petrodollar system has been put in place since the 70s when the U.S. was a net importer of oil. 2013 rift. First, some history: The U.S. dollar was adopted as the global reserve currency at the Bretton Woods Conference in 1944, when the dollar was still backed by gold on global markets. Saudi officials have said they were shocked by the precipitous U.S. withdrawal from Afghanistan last year. Despite a complicated relationship, many Biden officials have continued to reiterate the U.S. commitment to Saudi Arabia’s security. If such a trade deal were realized, it would be a major blow to the petrodollar and American economic hegemony on the Arabian Peninsula. The Russia-led Eurasia Economic Union and China just agreed to design the mechanism for an independent financial and monetary system that would bypass ... Saudi Arabia is considering accepting Chinese yuan – and not US dollars – for selling oil to China. by Kumar David. The petrodollar system originated in the early 1970s in the wake of the Bretton Woods collapse. Already, diplomatic cracks in the system have begun to show. As Russia is the third largest oil producer after the U.S. and Saudi Arabia, a boycott on Russian oil will likely continue pushing the world away from the U.S. petrodollar system.3 The petrodollar system is based on an agreement the U.S. made with Saudi Arabia in 1971, standardizing the sale of oil in U.S. dollars. by Kumar David. The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) … Russia’s attack on Ukraine helped push the price of oil to over $100 a barrel for the first time since 2014. As Russia is the third largest oil producer after the U.S. and Saudi Arabia, a boycott on Russian oil will likely continue pushing the world away from the U.S. petrodollar system.3 The petrodollar system is based on an agreement the U.S. made with Saudi Arabia in 1971, standardizing the sale of oil in U.S. dollars. Both Saddam Hussein and Gaddafi were killed for the exact same reason. ... Saudi Arabia is in active talks … But let’s look at the indirect moves […] The Saudis have also entered negotiations with China to receive Chinese Yuan currency as payment for China’s oil imports from Saudi Arabia – instead of US Dollars. Russia’s attack on Ukraine helped push the price of oil to over $100 a barrel for the first time since 2014. This essay surveys two topics which have come into blinding spotlight in recent weeks; the petrodollar, its likely eviction from the cosmos and hence demise of US global hegemony, and second the pluperfect cock-up by Putin and NATO-West, and the humiliation of, not as pokerfaced as Putin, nor as dour as never-smile Xi, perpetual clown … The petrodollar system originated in the early 1970s in the wake of the Bretton Woods collapse. Saudi Arabia is considering selling some of its oil to China in yuan rather than dollars, people familiar with the matter told the Wall Street Journal on Tuesday, citing “active talks” between Riyadh and Beijing.Such a move could further marginalize the petrodollar paradigm that has controlled the global financial system for over half a century, placing the dollar’s status as … The Rise and Fall of the PetroDollar. We have had a long fruitful relationship based on the supply of oil, despite vast cultural differences. ... Saudi Arabia is in active talks … Saudi Arabia is also reported to have held discussions with Beijing about pricing some of its oil sales in Chinese yuan. If such a trade deal were realized, it would be a major blow to the petrodollar and American economic hegemony on the Arabian Peninsula. The Russia-led Eurasia Economic Union and China just agreed to design the mechanism for an independent financial and monetary system that would bypass ... Saudi Arabia is considering accepting Chinese yuan – and not US dollars – for selling oil to China.
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