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Russia & China to kneecap petrodollar in 2018 predicts Saxo Bank

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Russia & China to kneecap petrodollar in 2018 predicts Saxo Bank
Published time: 23 Dec, 2017 13:46
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5a3cf311fc7e9337628b4567.jpg

© Jason Lee / Reuters

The world’s largest crude oil importer China is likely to roll out the petro-yuan next year predicts Saxo Bank. Beijing’s largest oil supplier Russia would gladly accept the yuan to phase out the dollar in trade with China.

Read more
China's launch of 'petro-yuan' in two months sounds death knell for dollar's dominance
“China is by far the world’s largest oil importer, and many producer nations are already more than happy to transact in yuan terms. With the US’ global power and reach waning, and given the success of CNY-based commodity futures in general, the Shanghai International Energy Exchange’s decision to launch a yuan-based crude oil future is a runaway success,” reads one of Saxo’s ‘outrageous’ predictions for 2018.

Saxo Bank expects the Chinese yuan-denominated oil contract to be “a move with tremendous geopolitical and financial consequences.”

The US West Texas Intermediate and European benchmark Brent have a joint daily turnover of more than two billion barrels or 20 times the total daily world oil demand. However, the US WTI oil standard is losing its role in the oil market, notes Saxo.

“China, meanwhile, has already become far and away the world’s largest crude oil importer and many key exporters – led by Iran and Russia – are more than happy to transact in yuan terms,” the bank’s analysts conclude.

Saxo expects the Chinese oil contract to become “a raging success,” while the yuan is set to appreciate 10 percent against the dollar, taking the dollar-yuan exchange rate below 6.0 for the first time.
https://www.rt.com/business/414061-china-russia-oil-dollar-yuan/
 
:omghaha:

Thanks man, made my day with this sarcasm :jester:

China and Russia can remove terrorist petrodollar from MiddleEast-EUrAsian regions.

So when is Russia selling its own oil in rubles and yuans? Next Tuesday? What is stopping it from doing so?
 
So when is Russia selling its own oil in rubles and yuans? Next Tuesday? What is stopping it from doing so?

News flash : Russia already selling oil and gas in Yuan with China. There will be more soon.
 
So when is Russia selling its own oil in rubles and yuans? Next Tuesday? What is stopping it from doing so?

So how can Russians control the currency of its oil sales when US is considered the biggest oil producers and can easily undermine OPEC and non-OPEC producers like? US alone can defend the petrodollar even if China, Russia, or whoever go their own way.
 
News flash : Russia already selling oil and gas in Yuan with China. There will be more soon.

Next Tuesday, definitely. :D

So how can Russians control the currency of its oil sales when US is considered the biggest oil producers and can easily undermine OPEC and non-OPEC producers like? US alone can defend the petrodollar even if China, Russia, or whoever go their own way.

LOL. There is no such thing as the petrodollar, except in the imaginations of the tinfoil hat people. :D
 
$ Rubel exchange history

2006 1$ costed ~ 26 Rubel
2010 1$ costed ~ 30 Rubel
2015 1$ costed ~ 55 Rubel
today 1$ cost 58.334 Rubel

the reality the Rubel is becoming worthless every day...
 
Russia & China to kneecap petrodollar in 2018 predicts Saxo Bank
Published time: 23 Dec, 2017 13:46
Get short URL
5a3cf311fc7e9337628b4567.jpg

© Jason Lee / Reuters

The world’s largest crude oil importer China is likely to roll out the petro-yuan next year predicts Saxo Bank. Beijing’s largest oil supplier Russia would gladly accept the yuan to phase out the dollar in trade with China.

Read more
China's launch of 'petro-yuan' in two months sounds death knell for dollar's dominance
“China is by far the world’s largest oil importer, and many producer nations are already more than happy to transact in yuan terms. With the US’ global power and reach waning, and given the success of CNY-based commodity futures in general, the Shanghai International Energy Exchange’s decision to launch a yuan-based crude oil future is a runaway success,” reads one of Saxo’s ‘outrageous’ predictions for 2018.

Saxo Bank expects the Chinese yuan-denominated oil contract to be “a move with tremendous geopolitical and financial consequences.”

The US West Texas Intermediate and European benchmark Brent have a joint daily turnover of more than two billion barrels or 20 times the total daily world oil demand. However, the US WTI oil standard is losing its role in the oil market, notes Saxo.

“China, meanwhile, has already become far and away the world’s largest crude oil importer and many key exporters – led by Iran and Russia – are more than happy to transact in yuan terms,” the bank’s analysts conclude.

Saxo expects the Chinese oil contract to become “a raging success,” while the yuan is set to appreciate 10 percent against the dollar, taking the dollar-yuan exchange rate below 6.0 for the first time.
https://www.rt.com/business/414061-china-russia-oil-dollar-yuan/

America will not allow this to happen so easily. The power of America rests on the power of the dollar. This is the only reason why the American economy continues to function in spite of America having a budget and trade deficit. If something of this sort gets out of hand for the Americans, one can expect WW3 soon enough.
 
Next Tuesday, definitely. :D

Apart from more than half a trillion dollars oil and gas deal, good portion of it bypassing USD. Russia floating Yuan bond. Russia has deal with Iran to buy $3 billion worth of oil from Iran pay with its currency and/or goods.
Venezuela, Iran Iraq, and even Saudis will switch (part of their oil proceed) from USD.

Looks like wana be american is far off from reality of today.
 

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