The President of Saudi Aramco responded with the phrase “everything is denominated in dollars” to the question about the transition to the yuan

Amin Nasser, President of Saudi Aramco oil company, said that the sale of oil in Saudi Arabia is carried out only in dollars. So he answered the question of whether the country implemented payments for oil in yuan.

“No. Everything is denominated in dollars,” Nasser told reporters (quoted from “Interfax”). “We have increased supplies to Europe, we have increased supplies to Asia. We satisfy the demand of our consumers. We are increasing deliveries to different countries,” he added (quoted by TASS).

In January, Saudi Arabian Finance Minister Mohammed Al-Jadaan declared about the readiness of the country to pay for oil and gas not only in dollars. Shortly before that, Chinese President Xi Jinping offered to intensify the use of the yuan in energy transactions, as well as to use the Shanghai Exchange for trade settlements.

In March, The Wall Street Journal, citing sources reportedthat Saudi Arabia is discussing with China the sale of oil for yuan. China buys about 25% of the country’s total exports from Saudi Arabia.