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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow (1232 Views)
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If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by ken6488(m): 6:23pm On Mar 17, 2022 |
Saudi Arabia is currently negotiating with China Source, ajeezera 2 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by Nobody: 6:25pm On Mar 17, 2022 |
ken6488: It’s not possible. As much as the US needs saudi oil, they have plenty. Have u heard of fracking? Go and google it and see how much oil US get as reserves, even UK sef |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by Mooh247: 6:29pm On Mar 17, 2022 |
Jondelng: What is not possible here... That Saudi wants to trade oil for yuan or that OPEC countries would dump dollar as oil trade instrument Even Nigeria wants a currency swap deal with the Chinese 4 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by ken6488(m): 6:36pm On Mar 17, 2022 |
Jondelng:you seems not to understand the situation No one said USA doesn't have oil, I guess you have not heard of petroldollar What that means Saudi and OPEC can use the currency of their choice 1 Like |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by Asura: 6:39pm On Mar 17, 2022 |
Jondelng:You're missing the point. The US doesn't need Saudi oil, rather they need the Saudi's to keep selling their oil in dollar. That's what gives the dollar advantage over other currencies hence the term petrodollar. 9 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by SocialJustice: 6:41pm On Mar 17, 2022 |
Jondelng:Lol, people don't even know what America is. They think maybe the country is just marginally better than Nigeria and their greatness is propaganda. |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by seunny4lif(m): 6:47pm On Mar 17, 2022 |
Saudi and many countries saw what happened with Russia and want to move many of her foreign reserve to China and also want to start trading with China using Chinese money. Iran already using Yen and Ruble since Iran was cut from SWIFT. Iran and Russia trade with China have increased massive without Swift. Even Japan with all the noise of Sanctions have refused to cut off the massive deal with Russia at Far East Russia. This war will change the face of things forever 8 Likes 2 Shares |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by ken6488(m): 7:45pm On Mar 17, 2022 |
seunny4lif:exactly every country realised the dollar is way too powerful So one day the USA can just wake up and end ur country economy 5 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by seunny4lif(m): 7:53pm On Mar 17, 2022 |
ken6488:Any country that don’t learn from this will completely get Bleep. I’m expecting regime change in Saudi and UAE now When Saddam and Gadaffi tried to change from Petrol-dollar, we all knew what happened. 4 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by Truvelisback(m): 8:03pm On Mar 17, 2022 |
seunny4lif:Dem wan use style, style bone U.S and him Dollar. 3 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by Appleyard(m): 8:11pm On Mar 17, 2022 |
ken6488: Already happening. When you weaponize your currency to bully and truncate the economy of another, other state actors are taking notes and they know that one day, it could be their turn to suffer same fate. The United States courtesy of Let's Go Brandon have just sanctioned the death of the US Dollar via the petrol dollars. It's a gradual process but the death have already started. 8 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by ken6488(m): 8:15pm On Mar 17, 2022 |
seunny4lif:that where Russia and china come in with military 1 Like |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by Appleyard(m): 8:16pm On Mar 17, 2022 |
seunny4lif: India is now onboard to buy Russian oil at slashed rates, and guess what currency: their own and Russian currency. Obama wasn't wrong about Biden when he said "Never underestimate Joe's ability to fvck things up". Biden have just sanctioned the death of the petrol dollar. It's game on. 3 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by ken6488(m): 8:17pm On Mar 17, 2022 |
Appleyard:exactly every country realizes the dollar is too powerful usa can just distroy your economic 5 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by Seun(m): 8:26pm On Mar 17, 2022 |
Saudi is just making noise because they want Biden to continue to support their war in Yemen. Dictators know better than to rely on each other. 2 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by Drenimarcus(m): 8:33pm On Mar 17, 2022 |
Appleyard: I hope it becomes official, we need a fvcking multipolar world. Enough of Western imperialism. Don't be surprised if this thread gets deleted. 2 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by angelfallz(m): 8:35pm On Mar 17, 2022 |
Who are the dictators you are talking about? Seun: |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by angelfallz(m): 8:35pm On Mar 17, 2022 |
I did not write the below answer. here is the link to read the answer on quora: https://qr.ae/pGLVkV Why will China not join other nations in sanctioning Russia? It is a Long Term Disaster for the Sanctioning Country The Sanctioning Country loses Reputation Countries like UAE and Saudi Arabia will be deeply vary of the United States and will not trust the US too much with their USD reserves. UAE already agreed to sell to China under a RMB 430 Billion Currency Swap (Around $ 65 Billion) instead of USD since 2020 Asean Nations already trade with China to the tune of RMB 3.2 Trillion Currency Swaps What it means is - CHina has already By Passed the USD and Euro in its trade with UAE & Asean Countries China also bypassed the USD in Deals with:- Iran - Energy Credit- Yuan Swaps Sri Lanka - LKR-Yuan Swap for $ 5.7 Billion, Property Leases Brazil - Yuan - Commodity Swaps Argentina - Yuan - Commodity - BRI Finance Swaps Chile - Yuan - Commodity Swaps Russia - Energy Credit - Yuan- Commodity Swaps Saudi Arabia and Central Asia are two other blocks with which China plans to reduce dependence on its trade by using Swaps over USD/EURO Today China uses USD and Euros only in 31% of its Trade relying on 69% of its trade on Currency Swaps and Commodity Swaps and Energy Swaps. Chinas Reputation may be Bad in the Political World but in the Financial and Business World - Chinas reputation is TOP CLASS. Lets say China also Sanctions Russia What does China gain? Nothing. Its not as if Biden will shake Chinas hand and dance Gangnam Style and suddenly becomes Chinas latest Bestie. What does China lose? Reputation. Today Financial Entities still have huge awe of Chinas reputation in handling crises and ensuring high RORs. Investing in China is money in the Bank. China could lose that crucial reputation. Meanwhile Lets say China doesnt Sanction Russia What does China gain? Russias Oil Contracts and Supply for 30 years which could leapfrog Chinas growth by 5–10 years. Massive Reputation as the only Financially Stable Country in the World with such a huge sized economy. What does China lose? Almost nothing except a few Sanctions from US - that China is clearly prepared for. For $1 that China loses - US loses $ 5 or $ 6 and US Weakens in the long term. 2 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by angelfallz(m): 8:39pm On Mar 17, 2022 |
Trump was on the way to making america self sufficient in energy. But Biden cancelled it, citing global warming Jondelng: 3 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by angelfallz(m): 8:40pm On Mar 17, 2022 |
A new term is coming petroyuan Asura: 2 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by chopnaira: 8:40pm On Mar 17, 2022 |
Yay. The chinese are here 1 Like
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Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by chopnaira: 8:41pm On Mar 17, 2022 |
angelfallz:Global warming is real. You can decide to stick your head in the sand but doesn't make a problem go away
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Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by Appleyard(m): 8:41pm On Mar 17, 2022 |
seunny4lif: Of course, we saw what happened to Saddam and Qaddaffi, but this time, it's going to be a tough challenge for ths US to crack because, this is going to happen on multiple fronts, and right now, the US economy is in no shape to stage multiple military conflicts at a go. Already, the Federal Reserve have raised interest rates due to risen inflation, and any further addition to that will spark public unrest which the Dems can't afford at the moment. One thing I have discovered about this recent government is that it is lacking strategists. The inability of Biden and his team to separate realpolitiks from economics speaks volumes. How can you allow yourself to be pressured to ban Russian oil import when you know it would further increase the already rising cost of oil while you have no backup substitute for the short-term? It's so fvcking unbelievable. Information making the rounds now is that members of the Federal Reserve are angry that they were not consulted before taking such actions, which is now telling on the economy via the rise in consumer goods. They went to Maduro in the hope of getting him to turn against Russia, but it didn't work out, as much as I know. They send delegates to Saudi Arabia and the UAE asking them to help by flooding the market with more volumes of crude, but both Middle Eastern countries gave them the middle fingers. How do you expect them to increase their outputs to lower the rising oil price when they are making so much money from the hike in prices? The US arrogance at times smirks of stupidity. Now, out of shame, they can't revise the Russian oil ban anymore, except Biden we have to restart the Keystone Pipeline project and force a lower oil price globally. But that too will have to summount many political and .environmentalists hiccups which traditionally have stood against fracking. Some countries sensing this have already started working around the clock to ensure that the price remain high for the time being. It wasn't much of a surprise that Qatar officials were in Russia to visit Putin. UAE and Russia foreign ministers just held a joint press conference on some irrelevant things, but we know what the real deal is: SOLIDARITY. Pakistan was there earlier. Now are you surprise that Russia is keeping the war in Ukraine so slow in achieving it's major objectives? THINK! This is geopolitics at play and this time, the US has put itself on a very bad back pedal. Except something remarkable happens, we are witnessing the start of the collapse of the petrol dollar. 9 Likes 1 Share |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by angelfallz(m): 8:42pm On Mar 17, 2022 |
The Saudi people actually love the monarchy, so the US has not much it can do. If they try to do a regime change it would backfire spectacularly on them seunny4lif: 2 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by baralatie(m): 8:42pm On Mar 17, 2022 |
Seun:That is Saudis game plan! |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by angelfallz(m): 8:45pm On Mar 17, 2022 |
Nice comment Appleyard: 2 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by baralatie(m): 8:46pm On Mar 17, 2022 |
Saudi will loose if it goes ahead with this because it already has a very skilled competitor that can replace it and change the terrain against Saudi in its backyard! So let us see how it comes out! Russia underestimated and it is now in a fix Zelensky slacked and he is a mess China has been cautious and has been holding strong Us goofed Let us see if Saudi will make a goof 2 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by chopnaira: 8:47pm On Mar 17, 2022 |
Appleyard:When you know nothing about the oil industry but decides to comment anyways The Keystone is not an oilfield. it's a pipeline..The oil is continuing to flow in from Canada, just through other means (Rail and Trucks). So, it actually would have nothing do with the current supply imbalance or prices. 2 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by chopnaira: 8:48pm On Mar 17, 2022 |
baralatie:China just like India are just mopping off the awoof and cheap oil from Russia. They are opportunist. |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by sapientia(m): 8:50pm On Mar 17, 2022 |
Nothing can replace dollar unless American economy collapse And that won't happen America is a working system |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by Appleyard(m): 8:53pm On Mar 17, 2022 |
chopnaira:I know that the Keystone is a pipeline and I did mention it. Pipelines vs trucks? Is a huge difference in balance and imbalance. otherwise no one would be talking about the damn pipeline. 2 Likes |
Re: If Saudi Arabia Starts Using Yuan For Exchange OPEC Might Follow by chopnaira: 8:55pm On Mar 17, 2022 |
sapientia:China won't invade Taiwan just as Russia invaded Ukraine. Unlike Putin, Xi is not stupid. |
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