China’s transition to buying oil for yuan will lead to a new energy order in the world
Columnist Rana Foruhar expressed the opinion that China’s shift to buying oil from the Persian Gulf countries in yuan will lead to the formation of a new energy order in the world. The relevant material is published by the Financial Times.
According to the author of the article, the meeting of Chinese President Xi Jinping with the heads of Saudi Arabia and the Gulf Cooperation Council in December 2022 led to the creation of the “petroyuan”,
Zoltan Pozar, an analyst at the Swiss bank Credit Suisse, stressed that China intends to “rewrite” the rules of the global energy market, and the birth of the petroyuan will contribute to “changes in the context of the intention of the BRICS countries to abandon the use of the US currency.”
According to his forecasts, the number of transactions settled in yuan will increase, and China will begin to work closely with the countries of the Persian Gulf, increasing the volume of fuel purchased from them several times over. It is assumed that the rise of the petroyuan will further fuel the “fire of de-dollarization,” the author of the material added.
Earlier, Chinese President Xi Jinping said that Arab countries should help China reduce US influence in the oil industry. The material says that the transition to trading in yuan will help establish its own currency for settlement in oil transactions and weaken Washington’s influence on business in this area.
