Saudi Arabia Starts using Yuan for Oil Trade | End of PetroDollar? Mar 16, 2022 By Prashant Dhawan https://www.youtube.com/watch?v=TEqrYvZPdaM
The petrodollar isn't really being threatened, says consultancy https://www.youtube.com/watch?v=YlHInvvFP-k
Mar 18, 2022 Ellen Wald of Transversal Consulting weighs in on the geopolitical factors contributing to the volatility in the oil market. Russia does not have too much oil storage capacity,. Will this force it to sell out at a discount, payment in other currencies.. yet it does not threaten the petro dollar. The transaction finalicialised.. volatility is not so much due to suply demand, as political factor. So things may return to the petrodollar after this crisis.
China is trying to internationalise its currency and move the global oil trade to the Yuan. India must not cede this global role to China. China has already acquired strategic ports and assets in countries around India via its Belt and Road investments. Having a greater role in the international financial system will increase its leverage over India.
After IOC, HPCL buys 2 mn bbl Russian crude, MRPL seeks 1 mn bbl https://www.business-standard.com/article/companies/after-ioc-hpcl-buys-2-mn-bbl-russian-crude-mrpl-seeks-1-mn-bbl-122031700830_1.html March 17, 2022 Western sanctions on Russia over its invasion of Ukraine has prompted many companies and countries to shun its oil. This has led to Russian crude being available in the market at deep discounts
https://economictimes.indiatimes.com/industry/energy/oil-gas/india-russia-oil-trade-what-is-at-stake/articleshow/90322839.cms There is no government-to-government (G2G) arrangement for oil trade between India and Russia. The majority of the crude oil purchase from Russia for India has been done by Indian Oil Corporation....Although the United States has acknowledged that crude oil purchases by India would not violate US sanctions, it has warned that it would put India on the wrong side of history.
Iran ready to meet India's energy needs, moots relaunching rupee-rial mechanism https://economictimes.indiatimes.com/industry/energy/oil-gas/iran-ready-to-meet-indias-energy-needs-moots-relaunching-rupee-rial-mechanism/articleshow/90319239.cms Mar 19, 2022 Iran used to be India's second largest oil supplier but New Delhi had to halt imports after the former US president Donald Trump withdrew from the nuclear deal with Iran and re-imposed sanctions on its oil exports. .. New Delhi and Tehran had a barter-like mechanism for trade settlement, wherein Indian oil refiners were paying in rupees to a local Iranian bank and the funds were used by Tehran to pay for imports from India. ... after the US reimposed sanctions, the Indo-Iran trade plunged sharply from USD 17 billion in FY19, to less than USD 2 billion in April-January of the current fiscal...
Petro Dollar. Petro Yuan. Petro Rupee? 29 AUGUST 2019, Gateway House
The global energy scenario has changed in every way – be it in demand, supply or energy type – in the last two decades. The only unchanged component has been the currency of energy trade: the U.S. Dollar. Lately, though, the Chinese Yuan has emerged as a challenger. Can the Indian Rupee be a third contender?... a confluence of events gives India a chance to engineer a shift in the world oil trade, in the process elevating its own global status and addressing its chronic problem with expensive energy imports. Such a shift can move India from the periphery to a more central position in the global financial system. It also can bring tangible benefits: India can create a Strategic Petroleum Reserve (SPR) at no cost to the public exchequer; companies and consumers can hedge their exposure to energy price fluctuations; and thousands of high-paying finance jobs can be created at revitalised Indian commodity exchanges.... China is trying to internationalise its currency and move the global oil trade to the Yuan. India must not cede this global role to China. China has already acquired strategic ports and assets in countries around India via its Belt and Road investments. Having a greater role in the international financial system will increase its leverage over India.