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BREAKING
Lebanese Ministry of Health: Final toll from airstrike on car in Zebdine, Nabatieh District: Two martyrs, four injured
Egyptian media: Indirect talks between Hamas and Israelis begin in Sharm el-Sheikh.
AFP: France's new PM Sebastein Lecornu resigns just hours after unveiling cabinet.
Trump: Technical teams will meet again on Monday in Egypt to discuss and clarify the final details, and the first phase is scheduled to be completed this week
US President Donald Trump: Talks with Hamas have been very successful and are moving at a rapid pace
Local sources in Aleppo: Violent clashes erupt between the SDF and factions affiliated with the transitional authority on the Deir Hafer and Tishrin Dam fronts in the eastern Aleppo countryside
Israeli media: Interceptor missiles fired in an attempt to shoot down the drone
IOF Spokesperson: Sirens sounded amid suspected "enemy aircraft" infiltrating the Eilat area
Israeli media: "Israel" won the battle but lost the war strategically and politically
Israeli media: Ben Gurion Airport's airspace closed to air traffic following missile launch from Yemen

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
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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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