RESHAPING GLOBAL OIL MARKETS! More Than 30M Tons of Iranian Oil Arrives in China.｜AsianQuickTake

Welcome to Asian QuickTake with Jacob. In this episode, we dive deep into the shifting tides of the global economic and financial landscape. As of October 25, 2023, pivotal events have ignited discussions about the petrodollar’s future. The cooling of tensions in the Middle East, the UAE’s push for a digital renminbi for energy transactions, China’s issuance of 1 trillion yuan in treasury bonds for oil settlements, and rising U.S. bond yields are all factors contributing to a profound transformation. Discover the impact of Middle Eastern developments on risk aversion, gold and oil prices, and the potential ripple effects on the U.S. economy. Amid this changing landscape, the global oil market is consolidating, waiting for crucial developments on several fronts. China, the world’s largest oil importer, plays a central role in this narrative. The country’s record crude imports, expanding stockpiles, and the role of the yuan in global crude oil transactions all influence the global oil market and prices. Furthermore, China’s increasing strategic crude inventories, often linked to Iran, have the potential to reshape the international oil trade. Iran’s sales of oil to China in yuan or euros signal a significant shift away from the petrodollar. We explore the use of the digital renminbi in cross-border oil transactions and how it advances global de-dollarization. Cross-border settlements in yuan have surged by 35% year-on-year, reaching $ trillion in the first three quarters of 2023. As BRICS countries, including Saudi Arabia, Iran, and the UAE, become major gold buyers and work towards a gold-backed digital currency, the stage is set for an alternative to the U.S. dollar in trade settlements. Even nations like Malaysia, Turkey, and Qatar propose innovative methods for trade settlement. Venezuela, with its digital currency Petro, is leading the way in bypassing the dollar’s restrictions in oil transactions. The Petro’s success demonstrates the feasibility of domestic digital currencies for global trade. This shift towards digital currencies and gold-backed alternatives has the potential to reshape the international monetary system, reducing the dollar’s dominance. De-dollarization, gold-backed currencies, and digital alternatives are emerging trends in global finance. Thank you for joining us in this exploration of the changing dynamics in global economics. Don’t forget to like this video, subscribe to our channel, and enable notifications to stay informed about the evolving world of business, international relations, geopolitics, and global affairs that shape our modern civilization. 💯TOP 3 Video China Shocks Yellen With Massive Selling of U.S. Bonds and Buying of Gold ▶ China to Accelerate Dumping of Up to $800bn U.S. Debt ▶ Swiss Sells $36.4 billion U.S. Treasuries ▶ ━━━━━━━━━━━━━━━━━━━━━ ✅ COPYRIGHT DISCLAIMER Asian Quicktake Doesn’t Fully Own Some of the Materials Compiled in Its Videos. It Belongs to People or Organizations Who Ought to Be Respected. If Used, It Falls Under the Following Provisions: Copyright Disclaimer Section 107 of the Copyright Act 1976. “Fair Use“ is Allowed for Purposes Such As Criticism, Comment, News Reporting, Teaching, Scholarships, and Research. ━━━━━━━━━━━━━━━━━━━━━ ✅ If You Are the Owner of the Materials Used in This Video, Let us Know in the Comments or Send a Email to me. We Will Follow Your Request Immediately. ━━━━━━━━━━━━━━━━━━━━━ ✅ FINANCIAL DISCLAIMER This Channel’s Content Should Not Be Interpreted or Construed As Financial Advice. We Are Not, and Do Not Claim to Be, an Attorney, Accountant, or Financial Advisor. This Channel’s Content is Not a Substitute for Financial Advice and is Solely for Entertainment Purposes.