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BREAKING
Israeli media: For the first time, Prime Minister Netanyahu is signaling that he wants to end the war on Gaza
Israeli Channel 12, citing an American source: We want to have entered a path toward captive release and a ceasefire before Netanyahu arrives in Washington
Lebanese Ministry of Health: One martyr and two injured in the Israeli airstrike that targeted a motorcycle in the town of Mahrouna
Al Mayadeen correspondent to Southern Lebanon: An Israeli drone strike targeted a vehicle between the towns of Jwayya and Mahrouna.
Al Mayadeen's correspondent in South Lebanon: One martyred in the Israeli drone strike on a car in the town of Kawnin
Al Mayadeen's correspondent in South Lebanon: Israeli drone targets a car in the town of Kawnin
Naeini: If our national interests are attacked again, our response this time will be stronger and more destructive
Naeini: The war has proven that the settlers are defenseless against Iranian missile and drone forces
Naeini: Trump lacks an understanding of the true strength of the Iranian people and is so deluded as to believe he can change the reality of Iran's victory
Naeini: The defeat led to Trump's confusion and loss of balance, which was reflected in his ill-considered statements

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.

  • Yuan
  • China
  • Saudi Arabia
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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?

Most Read

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
Iranian worshippers carry their country's flags in a protest to condemn Israeli attacks on multiple cities across Iran, after the Friday prayers ceremony in Tehran, Iran, Friday, June 20, 2025. (AP)

Iran warns of NPT withdrawal, Strait of Hormuz closure after US attack

  • Politics
  • 22 Jun 2025

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