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
590 [그리스] Greece: The SYRIZA Illusion Exploded 볼셰비키 2015.03.17 342
589 [미국/ 선거/ 정권교체] CIA Has Interfered With Over 81 Foreign Elections in the Past Century 볼셰비키 2019.11.16 342
588 [그리스] 골드만삭스 ‘국채사기’가 불러온 그리스 채무불이행 볼셰비키 2015.07.07 340
587 [무미아 아부 자말] IG: Free Mumia Abu-Jamal Now! Don’t Let Them Kill Him in Prison 볼셰비키 2015.04.28 329
586 [프랑스] French Labour Law: The decisive battle has begun! 볼셰비키 2016.05.27 323
585 [시리아] President Assad Accuses West of Supporting Terrorists in Syria 볼셰비키 2015.11.26 319
584 [중동] The Caliph fit to join OPEC 1 볼셰비키-레닌주의자 2014.11.25 318
583 [아프간/ISIS] US military allegedly promoting ISIS in Afghanistan 볼셰비키 2019.04.25 316
582 [프랑스] “Free Speech” hypocrisy in the aftermath of the attack on Charlie Hebdo 볼셰비키 2015.01.11 314
581 [미국/북한] Why Are US Troops Still in South Korea, Anyway? 볼셰비키 2018.03.08 314
580 [중동] US air strikes in Syria driving anti-Assad groups to support Isis 볼셰비키-레닌주의자 2014.11.25 311
579 [그리스] 그리스 시리자의 계획과 전망 [인터뷰] 알렉시스 치프라스 당대표 볼셰비키-레닌주의자 2015.01.05 308
578 [미국] For fifth year in a row, US police kill more than one thousand 볼셰비키 2019.01.08 308
577 [AIIB] 영국도, 독일도 미국을 버렸다! 볼셰비키 2015.04.10 302
576 [홍콩/칠레/제국주의 미디어] Why is the Media Covering Protests in Hong Kong, Chile So Differently? 볼셰비키 2019.10.31 301
Board Pagination Prev 1 2 3 4 5 6 7 8 9 10 ... 45 Next
/ 45