BRICS nations are considering adopting the petroyuan for oil trade as part of their ongoing dedollarization efforts, according to economic expert Herbert Poenisch. He noted the BRICS group may discuss alternatives to the petrodollar at their Kazan summit. He highlighted Saudi Arabia’s potential shift towards the petroyuan and Russia’s plans to reduce dollar reliance. However,…
Bandar Alkhorayef, Saudi Minister of Industry and Mineral Resources, stated that while the petroyuan – the use of the Chinese currency to settle oil shipments – was not “substantial to the ministry,” the country was open to new ideas, trying not to mix politics and commerce. This hints at the yuan’s adoption for this purpose….
US dollar under serious threat as Saudi Arabia’s top official discloses that the country is open to using Yuan for crude settlement amid the upcoming BRICS Summit. However, the US could “put up a fight” as former president Donald Trump proposes 100% tariffs on countries moving away. The de-dollarization strategy is still on as Saudi…
The oil domain is currently experiencing a volatile state of affairs. The petrodollar has long collapsed, with countries vying for a local currency narrative to transact deals in. In the middle of this, the concept of Petroyuan is gaining momentum in the market as Saudi Arabia is interested in transacting oil-related deals in the Yuan….