Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Sirens are now sounding in Haifa, its suburbs, and the lower al-Jalil
Sirens are sounding in occupied Haifa
Israeli military command: Missiles launched from Iran have been identified
CNN: Trump directed members of his team to attempt a meeting with Iranian officials as quickly as possible
Iran’s official news agency IRNA: New barrage of missiles launched toward occupied territories
Pfeiffer: We will defend American interests
White House spokesperson Alex Pfeiffer: US forces in the Middle East remain in a defensive posture, and that has not changed
Israeli media: Many in the center did not receive warning of the missile attacks in advance
Sirens sounded in on the Israeli-occupied coast moments before Iranian missiles reached the area
US President Donald Trump requested that the National Security Council staff wait for him in the White House Situation Room

Saudi considering accepting Yuan for oil sales from China

  • By Al Mayadeen net
  • Source: Agencies
  • 16 Mar 2022 16:22
  • 3 Shares
3 Min Read

As tensions between Saudi Arabia and the US grow, cooperation with China is just around the corner.

  • x
  • The oil refinery of Ras-Tanura in Saudi Arabia (Getty)
    The oil refinery of Ras Tanura in Saudi Arabia

According to sources familiar with the situation, Saudi Arabia is in active negotiations with Beijing to price part of its oil supplies to China in Yuan, a move that would undermine the US dollar's domination of the global petroleum market and represent another turn by the world's top crude exporter toward Asia.

According to the sources, as the Kingdom grows more dissatisfied with the US security guarantees, negotiations with China have picked up, as they have been ongoing for roughly 6 years.

The Saudis are enraged by the US' lack of backing their war on Yemen, as well as engaging in Vienna Talks with Iran over its nuclear program. Saudi officials also said they were taken aback by the US withdrawal from Afghanistan.

China purchases more than a quarter of Saudi Arabia's oil exports. Those sales, if priced in yuan, would raise the value of China's currency. The Saudis are also considering including yuan-denominated futures contracts, known as the petro-yuan, in the pricing model of Saudi Arabian Oil Co., known as Aramco.

It would be a significant move for Saudi Arabia to price even a portion of its nearly 6.2 million barrels of petroleum exports in a currency other than dollars. The vast bulk of worldwide oil sales—roughly 80%—are conducted in dollars, and the Saudis have done so solely since 1974 when they struck a deal with the Nixon administration that provided security assurances for the country.

Related News

China, Russia, condemn Israeli violation of Iran's sovereignty

Typhoon prompts mass evacuations, school closures in south China

China launched yuan-priced oil contracts in 2018 as part of its efforts to make its currency tradeable globally, but they haven't eroded the dollar's dominance of the oil market. Using dollars has become a risk for China, as illustrated by US sanctions imposed on Iran over its nuclear program and on Russia in reaction to the Ukraine operation. 

Meanwhile, officials in West Asia and the US have said that Saudi Arabia's Crown Prince Mohammad bin Salman and the Crown Prince of Abu Dhabi Mohammad bin Zayed have declined US requests to speak to the US President in recent weeks, according to The Wall Street Journal.

The US is currently one of the world's leading oil producers. According to the US Energy Information Administration, it formerly imported 2 million barrels of Saudi oil per day in the early 1990s, but that figure has dropped to less than 500,000 barrels per day in December 2021.

China's oil imports, on the other hand, have increased in tandem with the country's growing economy during the previous three decades. According to data from China's General Administration of Customs, Saudi Arabia was China's top crude supplier in 2021, selling 1.76 million barrels per day, followed by Russia at 1.6 million barrels per day.

A Saudi official familiar with the talks said, “The dynamics have dramatically changed. The U.S. relationship with the Saudis has changed, China is the world’s biggest crude importer and they are offering many lucrative incentives to the kingdom."

“China has been offering everything you could possibly imagine to the kingdom,” he added.

  • China
  • Oil prices
  • Saudi Arabia

Most Read

Iranian missiles impact Israeli sites in Tel Aviv in 2nd wave

Iran's missiles impact 'strategic' Israeli site in Tel Aviv

  • Politics
  • 14 Jun 2025
Bin Salman: Islamic world backs Iran in call to Pezeshkian

MBS says Islamic world backs Iran in call with Pezeshkian

  • MENA
  • 15 Jun 2025
Smoke rises after an Iranian ballistic missile directly struck Tel Aviv, Occupied Palestine, June 13, 2025 (AP)

Op. True Promise 3: Iran's ballistic missiles strike Tel Aviv

  • MENA
  • 13 Jun 2025
'Israel' launches major strike against Iran's nuclear program

'Israel' launches massive aggression on Iran

  • MENA
  • 13 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Smoke rises from an oil storage facility after it appeared to have been struck by an Israeli strike on Saturday, in Tehran, Iran, Monday, June 16, 2025 (AP)
Politics

Hezbollah, regional media authorities condemn Israeli IRIB bombing

The trace of a projectile is seen before hitting Tel Aviv, early Saturday, June 14, 2025. (AP)
Politics

'Israel' bans foreign journalists from covering Haifa oil refinery

In this Dec. 23, 2019 file photo released by the Atomic Energy Organization of Iran, technicians work at the Arak heavy water reactor's secondary circuit near Arak, Iran (AEOI)
Politics

Iran signals no new concessions in nuclear talks with US, WSJ reports

An IRIB correspondent reporting live after the broadcaster's headquarters were struck by Israeli airstrikes, Tehran, June 16, 2025 (Screengrab)
Politics

Following blatant threats, 'Israel' bombs Iran's state broadcaster

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS