WSJ: Saudi Arabia Considers Replacing Dollar for Yuan in Chinese Oil Sales

The Wall Street Journal recently reported that Saudi Arabia is considering accepting the yuan instead of the dollar in Chinese oil sales.

According to WSJ, people familiar with the matter said that Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan.

The sources said it is a move that would reduce the dominance of the US dollar on the global oil market and represent another shift by the world's largest companies.

The sources added that talks with China over oil contracts priced in yuan were halted six years ago, but accelerated this year.

Saudi Arabia, on of the world's largest oil exporters, maintains its position as China's largest supplier with nearly two million barrels per day of crude.