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Commodities  |  October 09, 2012 12:18:05

China and the oil market

Not so long ago, I worked   China's effort to strengthen the position of the yuan   the global arena. It focuses on the conclusion of agreements with selected countries on the use of their own currencies in mutual trade. Transactions of oil are in fact the foundation of the international and the Chinese oil trade now look in more detail.

About a month ago, China announced that it offers suppliers of oil payments in Yuan. Who wants not to sell oil for dollars and can go for China to sell yuan.   What China brings such action is clear . The day after Russia announced that China is ready to deliver any amount of oil.

What is the situation with oil China? The figure below shows the main supplier of oil to China. In addition to Saudi Arabia are the countries that do not exactly friendly relations with the United States.

The chart is illustrative.

Moreover, even in Saudi Arabia, China is working to not to have to pay oil in dollars.

A condition where the oil is widely traded anywhere in the world for another currency than the U.S. dollar would be a novelty. So far in history to něčmu sort happened. Petrodollar standard will have to fight hard to survive. Although it will defend tooth and nail, I think his days are numbered. Petrodoloarový standard is coming to an end with all the ensuing consequences.

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