Saudi Arabia may accept yuan instead of dollars for Chinese oil sales

"Saudi Arabia and China are in discussions to price some oil sales in yuan instead of U.S.
dollars in a slap to the Biden administration that would decrease the dominance of the American currency in the international petroleum market.... The Kingdom is also upset over the Biden administration's efforts to enter a nuclear deal with Iran.

Saudi Arabia exports 6.2 million barrels of crude oil a day and has traded in dollars exclusively since 1974 when President Richard Nixon struck a deal with the kingdom by guaranteeing security.

China buys more than a quarter of all Saudi oil exports, according to the WSJ. If the sales are priced in yuan, it would be a major boost to China's currency as 80% of all global oil sales are done in dollars." JN