BRICS: Saudi Arabia to Adopt Petroyuan for Oil Settlements, Ditch Petrodollar?
As the BRICS bloc continues its de-dollarization efforts, Saudi Arabia is reportedly considering the adoption of the petroyuan for oil settlements, thereby ditching the petrodollar. The Minister of Industry for Saudi Arabia has said that the nation is open to trying “new things,” in regards to its cooperation with China. Riyadh has had a relatively confusing relationship with the BRICS bloc. Although it had initially accepted an invitation to be included in its 2023 expansion, the nation has yet to join. Yet, the country has received an invitation to the Alliance 2024 summit and is seeking an increased relationship with China. JUST IN: Saudi Arabia says it's open to using the petroyuan for oil settlements. Will Saudi Arabia officially ditch the petrodollar? pic.twitter.com/MJXS9kJUbI — BRICS News (@BRICSinfo) September 11, 2024 Also Read: How Much Oil Reserves Does Saudi Arabia’s Aramco Hold? Saudi Arabia ‘Open’ to Oil Settlements in the Chinese Yuan, Off...