''Russia and China to drive the world oil market''
From Voice of Russia
''The global oil market is moving east, says a recent report by The
Wall Street Journal Europe. The oil that Russia exports to China, Japan,
South Korea, the Philippines, India, Indonesia, the USA and Peru could
set the world’s new oil price standard. China stands ready to service
the global oil trade with its Yuan, heralding the beginning of the end
for the “petrodollar” era.''
Russia and China are well positioned to help Asia's energy market to
break the long standing link between crude oil and the dollar, by which
the price has always been tied to American, Middle Eastern and European
standards by an increasingly volatile dollar. In essence a new link is
on the table: Russian ESPO oil tied to the Yuan, where the oil price
will, for the first time be determined by a stable supply from East
Siberia and the growing demand in Asian countries. The Chinese Yuan is
therefore well placed to become the new oil currency.
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