According to online magazine American Thinker, Saudi Arabia is considering accepting yuan payments for oil. However, this is of great concern to the United States as such a step could trim its profits.
The US is being punished for its tough rhetoric on Saudi Arabia, American Thinker Editor Andrea Widburg said. The US authorities’ intention to rein in the largest oil-producing country and their focus on renewable energy forced Riyadh to turn to China. As a result, Saudi Arabia is currently in talks with Beijing to accept yuan instead of dollars for oil sales.
Widburg believes that such a scenario threatens the dollar’s dominance and its international use. The dollar is currently the world's reserve currency due to its stability and availability.
The dominant role of the American national currency in international trade and finance allows the United States to deal with its heavy debt burden. Thus, Saudi Arabia’s plans to cooperate with Beijing abandoning payments in US dollars have raised concerns among experts. There is a strong likelihood that oil transactions will be conducted in yuan.
The reasons for such a step might be the "unceremonious contempt" of Biden’s administration for Saudi Arabia, the lack of support for Riyadh during its war in Yemen, as well as attempts to conclude a nuclear deal with Iran.
At the same time, China helped Saudi Arabia manufacture ballistic missiles and actively cooperated with the country on nuclear energy projects to support the nuclear energy program. In addition, China invested in the projects of Saudi Crown Prince Mohammed bin Salman.
