{"id":1816799,"date":"2023-01-20T07:20:02","date_gmt":"2023-01-20T12:20:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1816799"},"modified":"2023-01-20T07:21:50","modified_gmt":"2023-01-20T12:21:50","slug":"saudi-arabia-considers-global-trade-in-non-dollar-currencies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudi-arabia-considers-global-trade-in-non-dollar-currencies\/","title":{"rendered":"Saudi Arabia Considers Global Trade in Non-Dollar Currencies"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsaudi-arabia-considers-global-trade-in-non-dollar-currencies%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1816799&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p><a href=\"https:\/\/www.theepochtimes.com\/t-saudi-arabia\">Saudi Arabia<\/a>, the world\u2019s largest crude oil exporter, is considering trading in currencies other than the U.S. dollar, a kingdom official revealed.<\/p>\n<p>Mohammed Al-Jadaan (a Saudi minister of finances) <a href=\"https:\/\/www.bnnbloomberg.ca\/saudi-arabia-open-to-talks-on-trade-in-currencies-besides-dollar-1.1871057\">told<\/a> Bloomberg TV reported in Davos (Switzerland) on Jan. 17 that officials are openly considering other currencies, as the energy juggernaut strengthens relations with its strategic allies.<\/p>\n<p>\u201cThere are no issues with discussing how we settle our trade arrangements, whether it is in the U.S. dollar, whether it is the euro, whether it is the Saudi riyal,\u201d He said. \u201cI don\u2019t think we are waving away or ruling out any discussion that will help improve the trade around the world.\u201d<\/p>\n<p>He also noted that Riyadh continues to be a \u201cvery strategic relationship\u201d With the United States, China and Europe \u201cother countries who are willing and able to work with [Saudi Arabia].\u201d Saudi minister said that the kingdom was partnering with multilateral organizations to support countries that it considers worthy of its support. \u201cvulnerable,\u201d Turkey, Pakistan, Egypt, and Pakistan. This includes increasing its foreign-currency reserve, extending deposits or grants, and providing oil as well as other petroleum products.<\/p>\n<p>Since the 1970s, Saudi Arabia&#8217;s currency has been tied to the U.S. dollars. Over the past decades, the Kingdom has played an important role in maintaining the petrodollar system where crude oil exports are priced in the dollar. Today, more than 80 percent of international oil trades are conducted in dollars.<\/p>\n<p>Foreign markets have been affected by the strong U.S. dollar over the past year. This is because stronger dollars make it more costly to buy dollar-denominated commodities. The U.S. Dollar Index (DXY), a measurement of the U.S. currency against a basket of currencies, surged last year, but it\u2019s been on a decline since November 2022.<\/p>\n<h2>De-Dollarization in <a href=\"https:\/\/www.theepochtimes.com\/t-oil\">Oil<\/a> Markets?<\/h2>\n<p>The Wall Street Journal, March 20, 2222 <a href=\"https:\/\/www.wsj.com\/articles\/saudi-arabia-considers-accepting-yuan-instead-of-dollars-for-chinese-oil-sales-11647351541\">reported<\/a> Riyadh was considering a plan to value its crude oil sales to Beijing using the Chinese Yuan. According to the newspaper&#8217;s report, the kingdom had grown increasingly frustrated with U.S. President Joe Biden\u2019s administration and was now looking to shift its focus towards more accommodating Asian markets, including China.<\/p>\n<figure id=\"attachment_4352594\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/03\/21\/GettyImages-1182331130-1200x800.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-medium wp-image-4352594\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/GettyImages-1182331130-600x400-1.jpg\" alt=\"BRAZIL-BRICS-SUMMIT\" width=\"600\" height=\"400\"   style=\"display:none\"><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4352594\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/GettyImages-1182331130-600x400-1.jpg\" alt=\"BRAZIL-BRICS-SUMMIT\" width=\"600\" height=\"400\" \/><\/noscript><\/figcaption><\/a> Chinese leader Xi Jinping (R) and Russian President Vladimir Putin attend a meeting with members of the Business Council and management of the New Development Bank during the BRICS summit in Bras\u00edlia, Brazil, on Nov. 14, 2019. (Pavel Golovkin\/Pool\/AFP via Getty Images).<\/figure>\n<p>China and Saudi Arabia reinforced their mutual commitment to stability in the global oil markets and increased bilateral economic and trading cooperation last month.\u00a0Both sides agreed to increase crude oil trade.<\/p>\n<p>\u201cThe People\u2019s Republic of China welcomed the kingdom\u2019s role as a supporter of the balance and stability in the world oil markets, and as a reliable major exporter of crude oil to China,\u201d The <a href=\"https:\/\/www.cnbc.com\/2022\/12\/09\/china-saudi-arabia-stress-importance-of-oil-markets-stability.html\">joint statement<\/a>\u00a0reads.<\/p>\n<p>Chinese leader Xi Jinping told Gulf Arab leaders that his government would attempt to purchase oil and gas in yuan, which would support Beijing\u2019s broader efforts to boost the currency in cross-border transactions and weaken U.S. dollar hegemony. With more oil-rich states turning to China, there\u2019s been an abundance of speculation that there could be a rise of a so-called petroyuan.<\/p>\n<p>Ray Dalio is the founder of Bridgewater Associates and warned that the world economy is at the edge of a new era. <a href=\"https:\/\/asia.nikkei.com\/Editor-s-Picks\/Interview\/Dollar-dominated-global-order-is-fading-away-Ray-Dalio\">telling<\/a>\u00a0Nikkei Asia, the days of globalization are over \u201cdollar-dominated world order\u201d Are \u201cfading away.\u201d<\/p>\n<p>\u201cWe are now going to have the major powers and their allies form economic, currency, and military blocs,\u201d He said.<\/p>\n<p>During the 14th BRICS summit in June 2022, it was announced that the five member economies\u2014Brazil, Russia, India, China, and South Africa (BRICS)\u2014plan\u00a0to introduce a \u201cnew global reserve currency.\u201d<\/p>\n<p>\u201cThe matter of creating the international reserve currency based on the basket of currencies of our countries is under review,\u201d Russian President Vladimir Putin stated in a <a href=\"https:\/\/tass.com\/economy\/1469823?utm_source=news.bitcoin.com&#038;utm_medium=referral&#038;utm_campaign=news.bitcoin.com&#038;utm_referrer=news.bitcoin.com\">statement<\/a>. \u201cWe are ready to openly work with all fair partners.\u201d<\/p>\n<p>Market experts believe the system would consist of a basket-based reserve money made up of the South African rand (brazilian real), Russian rouble and Indian rupee. The objective is to ostensibly undermine the supremacy of the U.S. dollar and the International Monetary Fund\u2019s (IMF\u2019s) Special Drawing Rights, according to Chris Turner, global head of markets and regional head of research for the UK and Central and Eastern Europe at ING.<\/p>\n<p>\u201cOne can only think this is a move to address the perceived U.S.-hegemony of the IMF and will allow BRICS to build their own sphere of influence and unit of currency within that sphere,\u201d Turner wrote in <a href=\"https:\/\/think.ing.com\/opinions\/brics-the-new-name-in-reserve-currencies\">note<\/a>.<\/p>\n<p>\u201cWithout discussing the likelihood of such a proposal turning into something tangible, Russia may have a strong motivation to participate or initiate in an IMF-like scheme in order to address the mounting pressure on its capital account.\u201d<\/p>\n<p>The global campaign to dismantle the dollar\u2019s influence in international markets may not transform the global economy anytime soon\u2014or at all\u2014but some financial analysts contend that it\u2019s unfolding now in the global oil industry.<\/p>\n<p>\u201cWe are witnessing the birth of Bretton Woods III\u2014a new world (monetary) order centered around commodity-based currencies in the East that will likely weaken the eurodollar system and also contribute to inflationary forces in the West,\u201d Zoltan Pzsar is the Credit Suisse global head for short-term interest rates strategy. He is also a former Federal Reserve official and U.S. Treasury Department official. <a href=\"https:\/\/www.credit-suisse.com\/about-us-news\/en\/articles\/news-and-expertise\/we-are-witnessing-the-birth-of-a-new-world-monetary-order-202203.html\">wrote<\/a> Note.<\/p>\n<p>West Texas Intermediate crude oil futures increased by approximately 0.9 percent to just under $81 on January 17th on the New York Mercantile Exchange. Brent crude prices topped $86 per barrel on London\u2019s ICE Futures exchange.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-andrew-moran\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/WEB_AndrewMoran.jpeg\" alt=\"Andrew Moran\" \/><\/a>\n\t\t\t\t\t<\/div>\n<p>Andrew Moran has been writing for over a decade about finance, economics and business. He is also the author of &#8220;The War on Cash.&#8221;<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia, the world\u2019s largest crude oil exporter, is considering trading in currencies other than the U.S. dollar, a kingdom official revealed. Mohammed Al-Jadaan (a Saudi minister of finances) told Bloomberg TV reported in Davos (Switzerland) on Jan. 17 that officials are openly considering other currencies, as the energy juggernaut strengthens relations with its strategic &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1816802,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[5364,5458,5020,15729,5179,15728,3819,6259,7221],"class_list":["post-1816799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-arabia","tag-bongino","tag-considers","tag-currencies","tag-global","tag-non-dollar","tag-report","tag-saudi","tag-trade"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1816799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1816799"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1816799\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1816802"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1816799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1816799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1816799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}