로그인





연락처 :
bolle1917@gmail.com


http://russia-insider.com/en/politics/saudi-arabia-has-lost-asia-russia-now-chinas-biggest-oil-partner/ri12611

Goodbye Petrodollar: Russia Accepts Yuan, Is Now China's Biggest Oil Partner

Russia reaps the rewards of dumping the dollar

Wed, Feb 3, 2016 | 60,865 108
Saudi Arabia's share of Chinese oil imports at the beginning of the decade was about 20%, while Russia's was below 7%. Not anymore.
Saudi Arabia's share of Chinese oil imports at the beginning of the decade was about 20%, while Russia's was below 7%. Not anymore.

Russia is now the top crude exporter to China, the largest (or second largest, depending on whom you ask) oil demand growth country in the world.

At the start of the decade, Saudi Arabia enjoyed a 20% share of Chinese crude imports, while Russia was lagging far behind with 7%. Now the Saudis find themselves neck and neck with Moscow for the lead in Chinese market share, with both performing in the 13-16% range. But Russia's share continues to rise, as The Kingdom struggles to maintain a foothold.

Why? Analysts attribute Russia's huge market share growth to its willingness to accept yuan, while Saudi Arabia is still clinging to blood-soaked dollars. As Business Insider notes:

Interestingly, part of Russia's success in China has been attributed to its willingness to accept Chinese yuan denominated currency for its oil.

This is consistent with earlier forecasts about Russia's market share in China. Bloombergreported back in July:

Following Russia’s recent acceptance of the renminbi as payments for oil, we expect more record high oil imports ahead to China,” Gordon Kwan, the Hong Kong-based head of regional oil and gas research at Nomura Holdings Inc., said in an e-mail, referring to the Chinese currency. “If Saudi Arabia wants to recapture its number one ranking, it needs to accept the renminbi for oil payments instead of just the dollar.”

As both the head of the Eurasian Economic Union (and founding member of BRICS), as well as a major energy exporter, Russia is leading the charge against the dollar. And now other nations are following suit: Iran and India announced last month that they intend to settle all outstanding crude oil payments in rupees, as part of a joint strategy to dump the dollar and trade instead in national currencies.

The dollar is slowly losing its privileged place in international transactions. What this means for the United States is anyone's guess.

?

List of Articles
번호 제목 글쓴이 날짜 조회 수
538 [동성애/체첸] Gay men in Chechnya are being tortured and killed. 볼셰비키 2017.04.28 107
537 [미국/중동] HOW ISIS GOT WEAPONS FROM THE U.S. AND USED THEM TO TAKE IRAQ AND SYRIA 볼셰비키 2018.05.17 107
536 [베네수엘라] America’s War On Venezuela and the Fascists We Get to Fight It 볼셰비키 2017.07.29 108
535 [러시아] Russian resurgence: how the Kremlin is making its presence felt across Europe 볼셰비키 2015.02.17 109
534 [이집트] Murdered Italian student Giulio Regeni paid the ultimate price for his investigation into Al-Sisi’s Egypt 볼셰비키 2016.06.16 109
533 [러시아/중동] Russia's Big Guns Go to War 볼셰비키 2016.10.25 109
532 [미국/WSWS] Behind the Flynn resignation and Trump crisis: A bitter conflict over imperialist policy 볼셰비키 2017.02.16 110
531 [베네수엘라] Venezuela: Why Don't the Popular Sectors Revolt? 볼셰비키 2017.08.02 110
530 [미얀마/로힝야] Israel Refuses to Stop Arms Sales to Myanmar, Despite Its Campaign of Rape, Torture and Massacres Against the Rohingya 볼셰비키 2017.09.28 110
529 [아이티] Haiti on the brink of insurrection 볼셰비키 2019.10.02 110
528 Marxists from around the world speak out on Russia’s conflict with imperialism (25~26 March) 볼셰비키 2022.05.19 110
527 [미국] 공개된 힐러리의 이메일이 보여준 제국주의 미국의 민낯 볼셰비키 2016.03.14 111
526 [미국/애플] 12 Horrifying Photos of the Tech Industry Apple Never Wants You to See 볼셰비키 2016.09.15 111
525 [미국/중동] U.S. MADE SECRET DEAL WITH ISIS TO LET THOUSANDS OF FIGHTERS FLEE RAQQA TO BATTLE ASSAD IN SYRIA, FORMER ALLY SAYS 볼셰비키 2018.05.17 111
524 [금융자본] What price the new democracy? Goldman Sachs conquers Europe 볼셰비키 2015.07.07 112
Board Pagination Prev 1 ... 5 6 7 8 9 10 11 12 13 14 ... 45 Next
/ 45