Russia is now China's biggest oil partner — and it's a huge problem for Saudi Arabia

"Interestingly, part of Russia's success in China has been attributed to its willingness to accept Chinese yuan denominated currency for its oil. "

http://www.businessinsider.com/russia-vs-saudi-arabia-in-chinas-oil-market-2016-2

 

Saddam denominated oil in Euros, Ghadaffi in gold... Next on the list is Putin?

 

Btw, China is the 4th largest crude producer in the world, a little known fact.

 

Of course they'll accept Chinese currency, if their economy continue to fall at current pace - they will accpet a Chinese goverment soon.

 

Looks like the Vene oil minister has a much bigger socialist problem.Even with BBC news quoting him , trying to put a positive spin on the price.The market answering him[today] with a daily topping tail candle.LOL

The laws of math, monthly downtrends,10% daily oil spike may eventually help Arabia more than raising their gas tax, water tax, other taxes.............................................NOT a prediction