Saudi Arabia mulls oil sales in Chinese yuan

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InstaForex Loprais Team - Official participant of the Dakar rally

Saudi Arabia mulls oil sales in Chinese yuan

04-04-2022 16:46

Saudi Arabia mulls oil sales in Chinese yuan

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Saudi Arabia mulls oil sales in Chinese yuan

If negotiations between Saudi Arabia and China to sell oil for yuan are successful, it will deliver a severe blow to the US economy. In 1974, the Kingdom pledged to sell oil only in dollars. In return, the United States guaranteed its economic security. However, the current US authorities do not particularly observe these agreements.

It seems that Joe Biden's administration is neglecting its commitments. Therefore, Saudi Arabia may start looking for new partners, e.g. China. The latter will be extremely glad of such a cooperation. Notably, Beijing has been trying to persuade the Saudis to pay in renminbi for six years. However, the negotiations have intensified only this year. The fact is that Saudi Arabia is not satisfied with the way the US is fulfilling its obligations to protect the kingdom. Apart from that, the country wants to reduce its reliance on the US dollar.

A staff writer for The Wall Street Journal said the decision to stop supporting Saudi Arabia's special operation against the Houthis in Yemen, aided by Iran, had been one of the first foreign policy moves of the administration. In addition, the US postponed a planned arms sale to Riyadh, the journalist added. According to the author of the article, Riyadh is wary as the US leader tries to agree a new deal on Iran's nuclear program that would provide Tehran with resources. However, the United States needs all the allies it can get from this region right now.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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