Ras Tanura oil refinery in Saudi Arabia. China wants to complete more yuan-for-oil deals with Gulf nations, largely so it can buy fuel without intervention from the United States. Photo: AFP
Ras Tanura oil refinery in Saudi Arabia. China wants to complete more yuan-for-oil deals with Gulf nations, largely so it can buy fuel without intervention from the United States. Photo: AFP
Yuan

China’s Middle Eastern business will increase yuan-for-oil-deals, but dollar expected to stay dominant in world trade

  • China is looking to expand the use of the yuan in oil and gas settlements with the six Gulf Cooperation Council states
  • While the currency is likely to get a boost in energy markets, the yuan will not replace the US petrodollar, analysts say

Ras Tanura oil refinery in Saudi Arabia. China wants to complete more yuan-for-oil deals with Gulf nations, largely so it can buy fuel without intervention from the United States. Photo: AFP
Ras Tanura oil refinery in Saudi Arabia. China wants to complete more yuan-for-oil deals with Gulf nations, largely so it can buy fuel without intervention from the United States. Photo: AFP
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