Saudi Arabia And Beijing Are In Talks To Accept The Yuan Instead of Dollars For Chinese Oil Sales

Image for illustrative purposes. Chinese President Xi Jinping shakes hands with Saudi Arabia's Deputy Crown Prince Mohammed bin Salman during the G20 Summit in Hangzhou, Zhejiang province, China September 4, 2016. Damir Sagolj, Reuters

Middle East Eye: Saudi Arabia considers accepting Yuan instead of dollars for oil sales, report says

Any move to conduct oil transactions with China in yuan would mark a profound shift for the energy market, where 80 percent of sales are conducted in the greenback

Saudi and Chinese officials are in talks to price some of the Gulf nation's oil sales in Yuan rather than dollars, the Wall Street Journal reported Tuesday, citing people familiar with the matter.

The two countries have been in discussions about yuan-priced oil contracts since at least 2016, but they have advanced recently on the back of growing Saudi concerns over Washington's commitment to the kingdom's security.

The Biden administration is in the final stages of negotiations with Iran aimed at reviving the 2015 nuclear deal. Riyadh opposed the original agreement and backed the Trump administration's decision to withdraw from the accord in 2018, which saw Washington impose debilitating sanctions on Tehran.

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WNU Editor: This is not symbolic. It is a trend on where the world is heading .... Saudi Switch to Yuan Seen as Symbolic, Not True Threat to Dollar (Bloomberg).

Update: If President Xi accepts, I think it will be the first time that he has left China since the start of the pandemic .... Saudi Arabia invites China's Xi to visit: WSJ (Zawaya). Talk about sending a message to the U.S., especially after the Kingdom ignored President Biden's phone calls last week.

Saudi Arabia And Beijing Are In Talks To Accept The Yuan Instead of Dollars For Chinese Oil Sales

Saudi Arabia reportedly considering accepting yuan instead of dollar for oil sales -- The Hill

Saudi Arabia Considers Accepting Yuan Instead of Dollars for Chinese Oil Sales -- WSJ

US dollar's dominance in oil markets may face challenge as Saudis reportedly eye yuan-based sales deal with China -- Insider

Yuan jumps after report Saudis consider its use in oil deals -- Al Jazeera