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| comment | | "parent_author":"",<br>"parent_permlink":"news",<br>"author":"nabilbouasla",<br>"permlink":"us-expert-china-will-force-saudi-arabia-to-sell-oil-in-jpy",<br>"title":"US expert: China will force Saudi Arabia to sell oil in jpy",<br>"body":"![349.jpg (https:\/\/steemitimages.com\/DQmSnmUL83oaPreXqo1sXK1dbF4qVrVEgmrtyHYgABLCjP9\/349.jpg)\n\nAn American expert expects the world to witness a shift from the sale of oil to the dollar to its pricing and selling it in jpy. \"China will force Saudi Arabia to sell oil in yuan,<br>\" said Carl Weinberg,<br> chief economist and chief executive officer of US research and information company Hai Freaky Economics.\n\"I believe that the era of oil pricing in the yuan is approaching and will start with Saudi Arabia accepting the sale of its oil in the jpy. If Saudi Arabia accepts,<br> the oil market will shift from the dollar to the yuan,<br>\" Weinberg said in an interview with CNBC television.\n\nChina surpassed the United States two years ago to become the world's largest oil importer. China's oil consumption is estimated at about 11.7 million barrels per day. China is the largest importer of Saudi oil and has many refineries and refining partnerships.\nSaudi Arabia exports around 1.3 million bpd to China,<br> according to official Chinese statistics.\n\nOn the other hand,<br> Saudi oil exports to the US market continue to decline and estimated at about 800 thousand barrels per day,<br> according to the American Petroleum Institute in July. Most Saudi exports go to their refineries in Port Arthur.\n\nChina and Saudi Arabia signed joint trade agreements worth 65 billion dollars during King Salman's visit to China in March. Beijing can simply put pressure on Riyadh and say,<br> \"I will not buy oil in dollars,<br>\" especially as China is in the process of opening a gold futures exchange convertible into gold.\n\n\"The shift from the dollar to the yuan will draw between $ 600 billion and $ 800 billion a year from oil deals currently traded in dollars,<br>\" Weinberg said,<br> adding that the annual volume of oil trade in the world is estimated at $ 1.7 trillion a year,<br> Equivalent to almost all trade volume in metals including gold.\n\nThe dollar has been benefiting from the deregulation of the gold standard in the 1970s - the abandonment of the gold cover on the oil cover. Perhaps this cover is why the oil label is \"black gold\".\n\nThe global demand for oil,<br> as the most important commodity in the industry,<br> heating and power generation,<br> explains the rise in demand for the dollar. Thus,<br> the countries of the world,<br> which currently consume about 94 million barrels per day of oil need to buy the dollar and keep reserves at its central banks to secure the purchase of oil needs.\n.\nThe yuan is strengthening against the dollar with comments by the central bank governor on Monday,<br> saying China is moving to a larger yuan float in the exchange market. And gain the exchange rate of the yuan during the two days,<br> and since the beginning of the week 1.2% against the dollar in the offshore market. According to Market Watch. yesterday.\n\nPart of the oil cooperation strategy between Saudi Arabia and Russia is to target the diversion of the oil trade from the dollar,<br> that is to say,<br> the elimination of petrodollars,<br> so that Russia,<br> in its new alliance with China and the Brix countries,<br> can rid itself of the dollar's dominance over world trade,<br> The establishment of a new monetary system in the world does not depend on the dollar.\n\nSo far,<br> Russia and China have been conducting oil deals and gas deals in yuan,<br> and Iran has stopped selling its oil in dollars since May. Venezuela has also abandoned the sale of its oil in dollars. On the African front,<br> rock oil has hit Nigeria and Algeria's light oil exports to America.\n\nAccording to a report by the Asian Energy Review last month,<br> the conversion of the price of future oil contracts from the yuan to the gold in the Chinese oil pipeline under construction will be attractive to international oil companies,<br> oil-exporting countries,<br> investment funds and intermediaries in trade Oil from around the world. The move would be particularly attractive to oil-exporting countries that have been exposed or subject to US embargo,<br> because it means they can sell their oil on the exchange in the yuan and seize the price of their deals with gold,<br> it said. Therefore,<br> you will not need the dollar.\n\nOver the past three years,<br> China has raised its gold reserves,<br> acquired several mining mines in Africa and South America,<br> and has dollar reserves of more than $ 3 trillion.\n\nAccording to the World Gold Council report in London in April,<br> China raised its gold reserves to 1,<br>842 tons. Chinese companies also bought large gold stores in London and Singapore last year as part of a plan to support the internationalization of the yuan.",<br>"json_metadata":" \"tags\":[\"news\",<br>\"blog\",<br>\"politics\" ,<br>\"image\":[\"https:\/\/steemitimages.com\/DQmSnmUL83oaPreXqo1sXK1dbF4qVrVEgmrtyHYgABLCjP9\/349.jpg\" ,<br>\"app\":\"steemit\/0.1\",<br>\"format\":\"markdown\" " | | vote | "voter":"nabilbouasla",
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