Venezuela Reportedly Stops Using US Dollars In Oil Trade
SPUTNIKNEWS – September 14, 2017: Venezuelan authorities have told oil traders that the country would no longer make or accept payments for oil deals in US dollars, the Wall Street Journal reported, citing sources familiar with the situation.
Oil traders who export Venezuelan oil or import petroleum products have already begun to convert invoices to euros, the media outlet reported.
According to the WSJ, Venezuela made this decision in a response to the US sanctions introduced last month. The Ministry of Petroleum of Venezuela has not yet commented on the report.
The reported comes a day after a statement made by Venezuelan Minister of Petroleum Eulochio del Pino, who reiterated the country’s president’s vow to start selling oil in currencies other than the US dollar, in particular, the Chinese yuan. Link: Read Complete Article
The End Of The Petrodollar
BATTLEFORWORLD – September 12, 2017: Financial hurricanes are everywhere and there’s no storm bigger than a category seven hitting the U.S. Dollar. Rest in peace Petrodollar. Russia will sell oil for Yuan, and also swap Yuan for gold. Where’s the U.S. Dollar is all of this. Nowhere. And China is launching a Yuan-based priced crude oil contact. Which you can buy in Yuan and convert immediately to gold. A few countries have tried this before: Remember Saddam Hussein had tried trading oil in Euros and he was assassinated, and Muammar Gaddafi tried to trade oil in Euros and he was assassinated, etc. And so countries have been trying to get out of the U.S. Dollar for quite sometime. The dollar world reserve currency was crafted so that when you buy oil, you have to buy dollars first, and that is what keeps the dollar up. But now China has taken a bold step in the 21st Century to replace the U.S. Dollar. (BATTLEFORWORLD: And the U.S. is going to launch all sorts of overt and covert attacks against China to try and upset China’s Yuan emergence.) And we are going to have another recession in the United States and it’s going to happen soon. Link: Reference