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Fifth of Global Oil Trade Used Non-Dollar Currencies in 2023

A fifth of global oil trade this year was settled in currencies different from the U.S. dollar as countries such as Russia and China move away from the petrodollar.
This is according to JP Morgan’s head of global commodities strategy, Natasha Kaneva, who spoke to the Wall Street Journal and said sanctions have been a major motivator for Russia and Iran to start doing their oil business in non-dollar currencies.
“The U.S. dollar is getting some competition in commodities markets,” Kaneva said, just a day after news broke that Russia and Iran have agreed to completely stop using the U.S. dollar in bilateral trade.

Earlier this month Nikkei Asia reported that the Chinese yuan had become the fourth most popular currency in international settlements in November, overtaking the Japanese yen. The report explained the development with the more active trade between Russia and China.

https://oilprice.com/Latest-Energy-...Trade-Used-Non-Dollar-Currencies-in-2023.html