Ukraine-Russia Crisis Is Driving Countries To Explore New Ways Of Pricing Oil, Qatar Says

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Ukraine-Russia Crisis Is Driving Countries To Explore New Ways Of Pricing Oil, Qatar Says

Ukraine-Russia Crisis Is Driving Countries To Explore New Ways Of Pricing Oil, Qatar Says

Key Points

1. As the economic effects of the Ukraine crisis hit home, Qatar’s foreign minister told CNBC that some countries were considering a “parallel system” of pricing oil.
2. It follows a report in the Wall Street Journal that Saudi Arabia is speeding up talks with China to accept yuan instead of dollars for oil purchases.
3. Mohammed bin Abdulrahman Al-Thani also stated that Qatar is “stepping up” and in talks with European countries to increase gas supplies.

Introduction:

The situation in Ukraine, and its geopolitical repercussions, according to Qatar’s foreign minister, is forcing some countries to look for new ways to price oil that aren’t based on the dollar.

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Mohammed bin Abdulrahman Al-Thani made the remarks on Saturday in response to a Wall Street Journal story that Saudi Arabia is speeding up talks with China to accept yuan instead of dollars for oil purchases.

Al-Thani told Hadley Gamble at the Doha Forum that he didn’t expect such a system to be implemented in the near future, but that the economic ramifications of the Ukraine conflict were already wreaking havoc on some countries. “Take a look at what’s going on and the dynamics around us right now, to be honest.

Ukraine-Russia Crisis: Limited Impact On chips Yet As Future Uncertain

I’m sure there are many more countries that are dissatisfied with what has occurred and the effects of the Ukrainian Russian issue, particularly the economic ones “he stated “And they’re going to look at a parallel mechanism [for pricing oil] that would, at the very least, protect them financially.

As a result, we are in the midst of a transformation that will not only be political but also economic. “Gal Luft, co-director of the Institute for the Analysis of Global Security, told CNBC last week that the United States’ harsh economic sanctions could drive countries away from the dollar, which is the currency in which oil is normally priced.

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Ukraine-Russia Crisis Is Driving Countries To Explore New Ways Of Pricing Oil, Qatar Says

“On the one hand, you are endorsing both the right and the left. You, on the other hand, want countries to buy your Treasury bonds and help you pay down your debt. That isn’t a viable scenario “According to Luft.

Oil Diversification

Al-Thani also stated that Qatar was “moving up” and holding negotiations with European countries about increasing gas exports. “With the small quantity that we have, we are stepping up and aiding our European partners who are starting to suffer from some gas shortages,”

Ukraine-Russia Crisis: Limited Impact On chips Yet As Future Uncertain

he added, emphasizing that the majority of its gas contracts are long-term and thus cannot be amended. It comes as European countries attempt to diversify their energy supplies, particularly gas, away from Russia. According to the International Energy Agency, the EU imported 45 percent of its gas from Russia last year.

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