Saudi Arabia considers accepting yuan for oil sales. OPEC leaves demand forecast unchanged

WTI daily

Western sanctions on Russia have made countries that aren’t on good terms with the US acutely aware of how money can be weaponized and that appears to have rekindled Saudi-China talks on pricing oil in yuan.

The talks over pricing oil in yuan have been ongoing for six years but the WSJ reports that they’ve accelerated as Saudis “have grown increasingly unhappy with decades-old U.S. security commitments to defend the kingdom.” The report says the Saudis want US support for their intervention in the Yemen civil war.

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