However, Sachdeva contends, the world is changing and most of the oil produced in the Middle East is sold to Asia, not America, which is now a net exporter itself. Sanctioned Iranian and Russian oil (producing between them roughly 13 million barrels of crude daily, around 14% of global consumption) has been trading "off the dollar rails," as Sachdeva puts it, for some time. The Saudis have been experimenting, she observes, with forms of non-dollar payment such as the Project mBridge infrastructure, using a central bank digital currency.
Exactly. The Chinese RMB has been primed up for a while to replace to dollar, if they can get this BRICS thing off the ground.
> However, Sachdeva contends, the world is changing and most of the oil produced in the Middle East is sold to Asia, not America, which is now a net exporter itself. Sanctioned Iranian and Russian oil (producing between them roughly 13 million barrels of crude daily, around 14% of global consumption) has been trading "off the dollar rails," as Sachdeva puts it, for some time. The Saudis have been experimenting, she observes, with forms of non-dollar payment such as the Project mBridge infrastructure, using a central bank digital currency.
Exactly. The Chinese RMB has been primed up for a while to replace to dollar, if they can get this BRICS thing off the ground.