The Saudi earthquake on the sidelines of the Davos summit / Saudi Arabia is ready to sell oil in currencies other than the dollar

According to the report of the International Economic Correspondent of Fars News Agency, quoted by Bloomberg, Saudi Finance Minister Mohammad Al-Jadaan, speaking on the sidelines of the World Economic Forum in Davos, Switzerland, said that the country is ready to negotiate for the sale of oil in currencies other than the dollar.

If the Saudis do such a thing in their oil exchanges and use currencies other than the dollar, the dominance of the dollar in the global oil market will face a serious threat.

Jadaan said in an interview that we have no problem discussing the transaction in dollars, euros or even Saudi riyals. I don’t think we should reject or reject any dialogue that would lead to better trade in the world.

The value of the Saudi riyal has been dependent on the dollar for decades, and since 1970, it has been Saudi oil exports that have supported the system of trading oil in dollars and pricing oil in American currency. During the past years, however, Saudi Arabia has expressed its desire to develop strategic cooperation with China as the world’s largest oil importer.

Last month, China and Saudi Arabia agreed to expand their crude oil trade. China seeks to pay for oil imported from Saudi Arabia in yuan.

During his visit to Riyadh last month, Chinese President Xi Jinping tried to activate the issue of using the yuan to buy oil from Saudi Arabia.

He also asked Saudi Arabia and other countries of the Persian Gulf Cooperation Council to use the Shanghai Oil and Gas Exchange and conduct their oil transactions in yuan.

The end of the message/T 23