Saudi Arabia considers adopting ‘Yuan’ instead of dollar in oil sales to China

SANAA, March 16 (YPA) – Saudi Arabia, the world’s largest oil exporter, is reportedly considering accepting China’s currency for some oil purchases,  the Wall Street Journal reported.

According to The Wall Street Journal, Saudi Arabia and China are in “active talks” to price some Saudi oil sales to the People’s Republic in yuan instead of the US dollar.

The Wall Street Journal quoted informed people as saying that “the talks have been happening for six years, but have “accelerated” recently due to Saudi concerns about US security commitments to the kingdom”.

Saudi leaders are particularly upset about the Biden administration’s position on the Yemeni civil war, the Iran nuclear deal talks, and the chaotic US withdrawal from Afghanistan, according to the outlet.

Saudi Arabia is china’s largest oil exporter, and data showed that the kingdom maintained its position as the largest exporter of crude oil to China in 2021, with supplies increasing by 3.1% compared to 2020.

E.M