[Outcast_Searcher]

$this->bbcode_second_pass_quote('Tanada', 'S')omebody noticed.

$this->bbcode_second_pass_quote('', '[')b]Goodbye Petrodollar: Russia Accepts Yuan, Is Now China’s Biggest Oil Partner

Russia reaps the rewards of dumping the dollar.

...

The dollar is slowly losing its privileged place in international transactions. What this means for the United States is anyone’s guess.

[onlooker]

$this->bbcode_second_pass_quote('', ' ') You'd think the "people can't afford oil based products, even at low prices" nonsense spreading ETP zealotry crowd would at LEAST recognize the internal lack of logic in claiming that low oil prices are bad for consumers who are supposedly getting financially badly hurt by higher oil prices. 

[ROCKMAN]

Looker – You and the Rockman often view the situation similarly. But allow me to modify you a bit: “The oil price lowering is a symptom of the ongoing demise of the Oil Industry.” The demise of a number of oil companies…not the entire industry. A theoretical: max global production - 60 million bopd. It’s quite possible the INDUSTRY could be experiencing record profits at that time. Obviously, many companies around today would no longer exist. Maybe ExxonMobil might have become ExxonMobilChevron and might be one of those very profitable companies at that time. Or any other combination you can imagine. Back in the bust of the mid 80’s there were less then half the companies that existed in the boom of the late 70’s. The oil price crash at time did not kill the industry…just a lot of companies.

Again, as pointed out many times, PO does not mean we’ll have no oil production. Short of a true technical miracle the world will still produce many BILLIONS bbls of oil long after we pass PO. Maybe a TRILLION+ bbls. And there will exist hundreds of companies producing that oil. And doing so very profitably at times.

[onlooker]

Rockman, as much as I respect your acumen on matters of Oil and your patience with our rather uninformed posts at times, I am not sure. To me even though I know, you and Rockdoc have repeated that EROEI does not factor into decisions made by the Oil Industry, ultimately it has to matter. Afterall, money is just a way to price a resource taking into account supply/demand cues. Energy is obviously also priced. So, I believe that at some point the expenses/energy to exploit Oil as a energy resource will be too much to bear, of course the question is when. Some simply say that point is definitely reached when the energy to attain energy is more than the energy derived or attained.

[asg70]

$this->bbcode_second_pass_quote('onlooker', '
')The oil price lowering is a symptom of the ongoing demise of the Oil Industry.

[Pops]

$this->bbcode_second_pass_quote('ROCKMAN', 'A')gain, as pointed out many times, PO does not mean we’ll have no oil production. Short of a true technical miracle the world will still produce many BILLIONS bbls of oil long after we pass PO. Maybe a TRILLION+ bbls. And there will exist hundreds of companies producing that oil. And doing so very profitably at times.

[onlooker]

So how can the Petrodollar survive these extremely low oil prices? Perhaps others more knowledgeable can weigh in

[sparky]

.
I don't know much but I suspect a lot
oil exporting countries import a lot of stuff from oil importing ones
this is the great money cycle , it should have some serious wobbles for a few years

another side of the coin is that some oil exporting countries will have to get a lot of money for their internal spending
the obvious place is to liquidate their oversea holdings particularly US bonds,
at a time when the US budget increase its cash requirement

[onlooker]

$this->bbcode_second_pass_quote('sparky', '.')
I don't know much but I suspect a lot
oil exporting countries import a lot of stuff from oil importing ones
this is the great money cycle , it should have some serious wobbles for a few years

another side of the coin is that some oil exporting countries will have to get a lot of money for their internal spending
the obvious place is to liquidate their oversea holdings particularly US bonds,
at a time when the US budget increase its cash requirement

[REAL Green]

Petrodollar is insignificant these days. The Eurodollar is where the real power is. That is not quietly dying without taking the whole game down with it.

[AdamB]

Saudi Arabia Just Killed The Petrodollar Right In Front Of Our Eyes

The last 24 hours have marked another major waypoint along the path to my long-held contention that Russia, China and Saudi Arabia are going to make a massive, collective push to try and dethrone the U.S. dollar as global reserve currency.

[theluckycountry]

$this->bbcode_second_pass_quote('REAL Green', 'P')etrodollar is insignificant these days. The Eurodollar is where the real power is. That is not quietly dying without taking the whole game down with it.

[Armageddon]

$this->bbcode_second_pass_quote('AdamB', '[')url=https://quoththeraven.substack.com/p/saudi-arabia-just-killed-the-petrodollar?utm_source=substack&utm_campaign=post_embed&utm_medium=web]Saudi Arabia Just Killed The Petrodollar Right In Front Of Our Eyes[/url]

The last 24 hours have marked another major waypoint along the path to my long-held contention that Russia, China and Saudi Arabia are going to make a massive, collective push to try and dethrone the U.S. dollar as global reserve currency.

[AdamB]

$this->bbcode_second_pass_quote('Armageddon', '')$this->bbcode_second_pass_quote('AdamB', '[')url=https://quoththeraven.substack.com/p/saudi-arabia-just-killed-the-petrodollar?utm_source=substack&utm_campaign=post_embed&utm_medium=web]Saudi Arabia Just Killed The Petrodollar Right In Front Of Our Eyes[/url]

The last 24 hours have marked another major waypoint along the path to my long-held contention that Russia, China and Saudi Arabia are going to make a massive, collective push to try and dethrone the U.S. dollar as global reserve currency.

[theluckycountry]

On January 17 (2023), the Saudi minister of finance, Mohammed Al-Jadaan, announced that the Saudi state is open to selling oil in currencies other than the dollar. “There are no issues with discussing how we settle our trade arrangements, whether it is in the U.S. dollar, whether it is the euro, whether it is the Saudi riyal,”
https://libertarianinstitute.org/articl ... -s-empire/

When Joe Biden was a presidential candidate, he made no bones about his stance on the U.S.-Saudi relationship. Shortly after announcing his candidacy, Biden declared he was going to “cancel the blank check” the Trump administration had given Saudi Arabia during its war in Yemen. Some three months later, Biden told the Council on Foreign Relations that “America’s priorities in the Middle East should be set in Washington, not Riyadh.” 

The rhetoric became even more heated as the campaign wore on, with Biden promising to make Saudi Arabia an international “pariah” for butchering Jamal Khashoggi,.. Once elected, Biden wasted no time trying to match his words with action. Less than three weeks after his inauguration, he suspended U.S. offensive weapons sales to Saudi Arabia and appointed a veteran diplomat to help steer the absolute monarchy toward a peace agreement with Yemen. Last February, the Biden administration declassified an intelligence community report that implicated the powerful crown prince in Khashoggi’s murder, imposed sanctions on high-ranking Saudi intelligence officials for their involvement in the plot, and restricted visas to 76 Saudis deemed responsible for the targeting of dissidents overseas... 

Biden had gone to considerable lengths to stay away from the crown prince during his first year in office, preferring to speak with the ailing 86-year-old King Salman. The lack of communication likely added to the disdain both men seem to feel for each other. When asked earlier this year whether he thought Biden misunderstood him, MBS curtly replied, “I do not care.” On Friday, the 79-year-old president faced a 36-year-old prince of a different generation, temperament, world view and life experience. 
https://www.nbcnews.com/think/opinion/j ... -rcna38419

[Plantagenet]

The US Petrodollar may be dying, but the US NaturalGasdollar is stronger than ever.

By blowing up the Russia Nordstream NG pipeline* the US in one quick stroke removed Russia as they main NG supplier to Europe, and created the conditions for the US to step in
with with American exports of LNG to Europe.


Seymour Hersh, the famous American journalist, is reporting today that his sources confirm that it was US NAVY divers who blew up the Nordstream pipeline. By sabotaging the Russian NG pipeline the US has created a huge new market in the EU for AMERICAN LNG exports.

The creation of a HUGE market in the EU for US natural gas exports will guarantee the importance of the US NATURALGASDOLLAR for the foreseeable future!

Cheers!

[careinke]

$this->bbcode_second_pass_quote('AdamB', '')$this->bbcode_second_pass_quote('Armageddon', '')$this->bbcode_second_pass_quote('AdamB', '[')url=https://quoththeraven.substack.com/p/saudi-arabia-just-killed-the-petrodollar?utm_source=substack&utm_campaign=post_embed&utm_medium=web]Saudi Arabia Just Killed The Petrodollar Right In Front Of Our Eyes[/url]

The last 24 hours have marked another major waypoint along the path to my long-held contention that Russia, China and Saudi Arabia are going to make a massive, collective push to try and dethrone the U.S. dollar as global reserve currency.

[theluckycountry]

$this->bbcode_second_pass_quote('Plantagenet', '
')By blowing up the Russia Nordstream NG pipeline* the US in one quick stroke removed Russia as they main NG supplier to Europe, and created the conditions for the US to step in
with with American exports of LNG to Europe.

[AdamB]

$this->bbcode_second_pass_quote('careinke', '')$this->bbcode_second_pass_quote('AdamB', '')$this->bbcode_second_pass_quote('Armageddon', '')$this->bbcode_second_pass_quote('AdamB', '[')url=https://quoththeraven.substack.com/p/saudi-arabia-just-killed-the-petrodollar?utm_source=substack&utm_campaign=post_embed&utm_medium=web]Saudi Arabia Just Killed The Petrodollar Right In Front Of Our Eyes[/url]

The last 24 hours have marked another major waypoint along the path to my long-held contention that Russia, China and Saudi Arabia are going to make a massive, collective push to try and dethrone the U.S. dollar as global reserve currency.

[Outcast_Searcher]

$this->bbcode_second_pass_quote('theluckycountry', '
')Do you know how much gas Russia imports? Zero. They don't play shell games and they are quite content selling their oil and gas to India and China and letting the Euro-zone freeze.