{"id":261169,"date":"2017-09-16T16:16:29","date_gmt":"2017-09-16T20:16:29","guid":{"rendered":"https:\/\/www.rael.org\/?p=261169"},"modified":"2020-12-17T11:47:05","modified_gmt":"2020-12-17T16:47:05","slug":"dropping-the-dollar-venezuela-lists-oil-price-in-chinese-yuan","status":"publish","type":"post","link":"https:\/\/noproxy.rael.org\/nl\/dropping-the-dollar-venezuela-lists-oil-price-in-chinese-yuan\/","title":{"rendered":"Dropping the dollar: Venezuela lists oil price in Chinese yuan"},"content":{"rendered":"
RAEL\u2019S COMMENT:<\/strong><\/span><\/h5>\n
Wonderful!<\/strong><\/span><\/h5>\n

 <\/p>\n

<\/p>\n

In response to sanctions from Washington, Venezuela has started reporting its oil prices in Chinese yuan, going against the international trend of listing prices in US dollars.<\/p>\n

On Friday, the weekly Oil Ministry bulletin published its prices for September in yuan, rather than the US dollar. The price-per-barrel posted on Friday was 306.26 yuan, or $46.76 on the more commonly-used exchange rate, up from last week\u2019s price of 300.91 yuan, or $46.15.<\/p>\n

\u201cThis format is the result of the announcement made on September 7th by the President [Nicolas Maduro]… that Venezuela will implement new strategies to free the country from the tyranny of the dollar,\u201d the Venezuelan Oil Ministry said in a statement.<\/p>\n

The decision to move to Chinese currency was made last week as a way to get around the sanctions imposed on Venezuela by the US government in August, which froze some Venezuelan assets and prohibited American citizens from doing business with the country.<\/p>\n

This has hurt Venezuela\u2019s oil exports at a time when the country is facing a severe economic crisis. At the time, the White House said the sanctions were \u201ccarefully calibrated to deny the Maduro dictatorship a critical source of financing\u201d.<\/p>\n

\u201cThe market is dominated by transactions with the US dollar, and we must develop other ways to conduct international transactions,\u201d Finance Minister Ramon Lobo told VTV earlier.<\/p>\n

Venezuela\u2019s decision follows plans announced by China to start a crude oil futures contract priced in yuan and convertible into gold, which could lead to the emergence of a new Asia-based crude oil benchmark.<\/p>\n

As China is the world\u2019s biggest crude buyer, the new contract may allow exporters to bypass American sanctions by trading oil in yuan, something that has interested countries such as Russia and Iran.<\/p>\n

\u201cIn 2012, Iran began to accept yuan for its oil and gas payments, followed by Russia in 2015,\u201d\u00a0political writer Dan Glazebrook wrote in a\u00a0column\u00a0for RT in June.<\/p>\n

\u201cIf this takes off, this could literally spell the beginning of the end of US global power. The dollar is the world’s leading reserve currency, in the main, only because oil is currently traded in dollars. Countries seeking foreign exchange reserves as insurance against crises within their own currencies tend to look to the dollar precisely because it is effectively \u2018convertible\u2019 into oil, the world’s number one commodity.\u201d<\/p>\n

https:\/\/www.rt.com\/business\/403577-dropping-dollar-venezuela-oil-yuan\/<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

RAEL\u2019S COMMENT: Wonderful!  <\/p>\n","protected":false},"author":71,"featured_media":287341,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-261169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/noproxy.rael.org\/nl\/wp-json\/wp\/v2\/posts\/261169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noproxy.rael.org\/nl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noproxy.rael.org\/nl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noproxy.rael.org\/nl\/wp-json\/wp\/v2\/users\/71"}],"replies":[{"embeddable":true,"href":"https:\/\/noproxy.rael.org\/nl\/wp-json\/wp\/v2\/comments?post=261169"}],"version-history":[{"count":0,"href":"https:\/\/noproxy.rael.org\/nl\/wp-json\/wp\/v2\/posts\/261169\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noproxy.rael.org\/nl\/wp-json\/wp\/v2\/media\/287341"}],"wp:attachment":[{"href":"https:\/\/noproxy.rael.org\/nl\/wp-json\/wp\/v2\/media?parent=261169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noproxy.rael.org\/nl\/wp-json\/wp\/v2\/categories?post=261169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noproxy.rael.org\/nl\/wp-json\/wp\/v2\/tags?post=261169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}