2024-03-24 12:00:00
Oil prices in global markets witnessed stability over the past week, despite their decline at the end of Friday’s trading, and recorded $85.43 per barrel for Brent crude futures, and US West Texas Intermediate crude futures recorded $80.63 per barrel in Friday’s trading.
Russian Deputy Prime Minister Alexander Novak said that the Russian oil and gas trade does regarding 80% of its business in rubles and yuan.
Novak added – in statements reported by the Russian “TASS” news agency – that “more than 90% of our settlements with China were made in national currencies, as of the end of 2023, and this is the ruble and the Chinese yuan, and speaking regarding our oil and gas sector in general, we sell… About 40% of our products are denominated in rubles, 40% in Chinese yuan, and the remaining 20% in other currencies.”
The Russian official noted, “This means that the share of the dollar and the euro has already decreased to a minimum. I believe that this trend will continue.”
Novak stressed that “de-dollarization is a global trend because many countries have begun to shift to doing business in national currencies,” explaining that “this is primarily related to the restrictive measures taken by Western countries.”
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