The Saudi government made headlines in March when it hinted it might accept payment for oil in China's currency, the renminbi. This breaks with the longstanding tradition of OPEC buying and selling oil exclusively in US dollars, and is thought to be a move towards creating an alternative system of finance that increases China's economic power, reduces the United States', and would reduce the West's ability to levy sanctions in response to an invasion of Taiwan.
What is the likelihood this will actually happen?
In this episode, Dan speaks with Anas Alhajji, a world renowned author, speaker, and advisor on energy markets, who explains the factors that make the dollar such an attractive currency for oil markets, and how the link between the economics of OPEC, the United States, and China make the it unlikely the dollar will be replaced anytime soon.
You can listen to the full episode via the player below, on Apple Podcasts, Spotify, or via other podcast players.