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BREAKING
Rubio says Syria could be weeks away from 'full-scale civil war'
Sweden seeks EU sanctions targeting "individual Israeli ministers": Minister to AFP
UK pauses trade deal talks with "Israel", summons ambassador over new Gaza offensive
Al Mayadeen's correspondent: 67 martyrs in Israeli strikes on Gaza since morning.
Al Mayadeen's correspondent in West Bank: Occupation executes large-scale operation in Al-Jamasin, al-Eyada neighborhoods in Old Askar Camp, East of Nablus.
Al Mayadeen's correspondent in South Lebanon: One person killed in strike that targeted a motorcycle in Al-Mansouri.
Al Mayadeen's correspondent in South Lebanon: Israeli drone strikes motorcycle in town of Al-Mansouri.
Yemeni Armed Forces: The blockade on the Port of Haifa comes following the successful imposition of the siege on the Port of Umm al-Rashrash, which has since ceased operations
Yemeni Armed Forces: The Port of Haifa is now officially part of our target bank
Yemeni Armed Forces calls on companies with ships currently in the Port of Haifa or en route to it to take into account the contents of the statement and any forthcoming announcements

Oil for Yuan a "big, bad thing", says Republican senator

  • By Al Mayadeen Net
  • Source: Agencies + Al Mayadeen Net
  • 21 Mar 2022 10:22
2 Min Read

Senator Ben Sasse says that the Saudis pricing some of their oil in Chinese currency is a "big, bad thing."

  • x
  • US Senator for Nebraska Ben Sasse
    US Senator for Nebraska Ben Sasse

In a segment on Fox News Sunday, US Republican Senator Ben Sasse commented on reports of Saudi Arabia pricing some of its oil in Chinese yuan instead of the US dollar, Sputnik reported.

"The Saudis pricing some of their [oil] commodity in Chinese currency, or signaling that that's where they're headed…is a big, bad thing", he said.

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.

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.

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Sasse called for the US to "constantly" rearm Ukraine, and stressed that "defeating Vladimir Putin" is the only way to prevent China from displacing the dollar.

The US dollar has been the global benchmark for oil sales ever since the US struck a deal with Saudi Arabia to standardize oil prices in the 1970s, creating the petrodollar. 80% of oil sales are currently denominated in US dollars.

Going too far

The US' efforts to isolate Russia's oil sales from the world market may have been a step too far for some countries in Africa, Asia and Latin America.

Mexico, South Africa and India have all taken stances against the US' approach to the Ukraine crisis, either refusing to join Washington in sanctioning Russia, or condemning NATO's actions altogether.

India, the world's third-largest energy consumer, has acquired three million barrels of crude oil from Russia at a significant discount to the current Brent crude price.
 
According to sources, the Russian side offered a 27 to 30% reduction compared to international pricing.
 
Commodities monitoring and analytics firm Kpler revealed that India has acquired 360,000 barrels of oil per day from Russia so far in March, over four times the 2021 average.

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Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

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Two F-35 jets arrive at it's new operational base Wednesday, Sept. 2, 2015, at Hill Air Force Base, in northern Utah. (AP)

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