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Maduro Visits Putin, Proposes Global Oil Trade In Rubles, Yuan

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Three weeks after the US imposed financial sanctions on Venezuela in an effort to cripple its economy and choke the Maduro regime, which in turn prompted Caracas to announce it would no longer receive or send payments in dollars, and that those who wished to trade Venezuelan crude would have to do so in Chinese Yuan, today during an energy summit held in Moscow, Venezuela’s president Nicolas Maduro proposed to expand his own personal blockade of the US, by proposing that all oil producing countries discuss creating a currency basket for trading crude and refined products. One which is no longer reliant on the (petro)dollar.

“Developing a new mechanism of controlling the oil market is necessary,” Maduro said on Wednesday at the Russian Energy Forum, being held in Moscow this week.

Quoted by RT, Maduro also blamed trade in crude oil paper futures as having an adverse impact on the oil market, which has undermined attempts by OPEC to stabilize prices. To counteract such “speculation”, Maduro proposed an alternative currency basket, one which is based not on the world’s reserve currency but includes the yuan, ruble, and other currencies, and which will mitigate the alleged adverse impact of futures trading.

 

 

Maduro’s proposal is merely the latest not so veiled hint at dedolarizing the global financial system by bypassing the petrodollar entirely, and rearranging a new currency basket determined by the world’s biggest oil producer, and largest oil importer.

Of course, Maduro is merely piggybacking on what China may already have in the works: recall that a month ago, the Nikkei Asian Review reported that China is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan.

Maduro also insisted that Venezuela is dealing with its debt to Russia, currently in the billions, and that Rosneft’s deal with Venezuelan state oil producer PDVSA is “subject to negotiation.” “We fulfill all the obligations to Russia. If we get more favorable terms for restructuring the debt, this will be the result of a deal between the two governments,” said Maduro. It was unclear how Putin felt toward said proposal.

Maduro also complained that US sanctions make it difficult to negotiate the debt issue with American debt holders (something the US is well aware of). In addition to switching to a Yuan-based basket

… Caracas has been framing a plan to deliver its crude to alternative markets should the White House impose sanctions on trading the country’s oil, Maduro said in response to a question on the possibility of PDVSA’s default. “Venezuela has plans A, B, C, and others. There are other international companies interested in buying oil and refined products. We will create the best terms for them,” he said.

It remains to be seen if a last minute agreement by Russia and China to bailout Venezuela by revoking some or all of the petrodollar’s reserve currency privileges, is in store. Needless to say, such a development would be the biggest shock to the global monetary system since Nixon killed the gold standard.

zerohedge



112 Comments on "Maduro Visits Putin, Proposes Global Oil Trade In Rubles, Yuan"

  1. makati1 on Sat, 7th Oct 2017 6:11 am 

    Davy, playing with numbers does not change the FACT that the US has more murders per capita than Holland. Denying that the US is a murderous country is futile.Americans kill thousands every year in 3rd world countries. Now it is beginning to come home.

    The rates in the US are only going to increase as stress increases and the country continues to collapse. More guns than people invite disaster. More drug use than in any other country, will only fuel the fire.

    BTW: The highest in the Western countries of the EU is still less than 2 per 100,000. I guess those large countries (Germany, France, etc. don’t count? https://data.unodc.org/#state:0

  2. Davy on Sat, 7th Oct 2017 6:44 am 

    Mad-cat, you play with numbers constantly so please don’t be pointing fingers. In your cherry picking world of agenda then you can compare a smallish county like Holland to the US without clarifications of the vast differences. You do this constantly with your overcrowded poor little Island. You know 100MIL in the space of Arizona with a GDP similar to my insignificant state. You compare that constantly to the US in bogus comparisons. Where am I denying the murders here mad-cat? Please reference that because I didn’t. See binary agendist like you can’t handle the grey of life. With people like you it is “either or” with “black and white”. This is typical of intellectually “lite” people that are extremist and driven by emotional agendas. What I said was there are pockets of high murder rates that distort the true numbers. These are very high numbers in very small places. There is also a very large population in these small places. Much of the US is plenty safe. We are never going to be as safe as some places because of our mix of 1st world and 3rd world culture and the culture of gun ownership. It is a fact of life being an American.

  3. makati1 on Sat, 7th Oct 2017 7:34 am 

    My numbers are real, Davy. I don’t try to twist them to make the US look better, when it is not. You do. The US is becoming a hell hole of druggies, gangs, obesity and poverty. You are like a cat trying to cover his shit on a concrete slab. Impossible.

  4. Davy on Sat, 7th Oct 2017 7:49 am 

    Your numbers are mad cat. It should be obvious to anyone with balance and objectivity you are engaged in propaganda to diminish the US and talk up your personal decision to relocate to Asia. Those you fool are likewise fools like you.

  5. MASTERMIND on Sat, 7th Oct 2017 5:04 pm 

    Davy I am sorry buddy but I have to be honest and agree with Madkat on this one. The US has had over 1500 mass shootings in the last 1700 days. There were six last week leading up to the vegas shooting. We are averaging one mass shooting every 9-10 days.

  6. Davy on Sat, 7th Oct 2017 5:32 pm 

    “We are averaging one mass shooting every 9-10 days.”

    I don’t disagree with either of you but that is not my point. If you go on what mad cat says everywhere is a mass shooting and that is just not the case. My point is you can’t compare a little country like Holland to the US. If you are going to do that choose a region or look at similar cities and compare. This is typical on this board with the binary agenda google junkies.

  7. GregT on Sat, 7th Oct 2017 7:00 pm 

    “My point is you can’t compare a little country like Holland to the US.”

    Agreed. The US has over 8 times the murders per capita of the Netherlands. There is no comparison at all.

  8. makati1 on Sat, 7th Oct 2017 7:34 pm 

    “Homicides in Missouri Cities Surpass Mass Shootings”

    http://www.komu.com/news/homicides-in-missouri-cities-surpass-mass-shootings/

    “Mass Killing in Tyrone, Missouri”

    http://abcnews.go.com/WNT/video/mass-killing-tyrone-missouri-29286406

    “Missouri Teachers Wary Of Concealed Weapons In Class”

    http://stlouis.cbslocal.com/2014/05/31/missouri-teachers-wary-of-concealed-weapons-in-class/

    “Shooter kills cousins in Missouri murder spree”

    https://www.yahoo.com/news/nine-dead-missouri-mass-murder-153720718.html

    “Eight People Reported Dead in Mass Murder-Suicide in Missouri”

    http://www.newsmax.com/Newsfront/murder-suicide-missouri/2015/02/27/id/627271/

    BTW: The Missouri murder index is about 7 per 100,000. Above the US average and naer that of 3rd world countries. LOL

    https://suburbanstats.org/population/how-many-people-live-in-missouri

  9. Cloggie on Sat, 7th Oct 2017 11:14 pm 

    “Clog, the US is a continental size Country with 330MIL. Too make that comparison fare look at some regions and see how some are low and some are high. Take out the worst of the inner city numbers and see where the murder rate is in the US. You anti-American google jockeys want to paint the worst picture you can find on the US. That is easy to do with the overwhelming amount of scrutiny the country takes compared to others. It is so easy to cherry pick numbers for agendas. My Dent County is bellow 1.4.”

    Fine. Go to the same wiki link to verify that “the Americas” has 16.3 and Europe (500m) has 3.0. murder rate. That is a factor of 5.4. Next dive a little into the touchy subject of “color of crime” and you have an explanation for why the US has this excessive murder rate: mass immigration from the third world. Now if I were a white American I would be passionately pro guns, because I know what is going to happen to America and you don’t want to be left empty handed in that situation. Most Americans don’t have the luxury of fleeing to Italy with the tail between the legs if everything will go wrong.

  10. Davy on Sun, 8th Oct 2017 12:18 am 

    Mad cat, if you take out the extremes of the worst places in Kansas City, St. Louis, Springfield, and Columbia then the murder rate is much less extreme. My county in Missouri has not seen a murder for some time now. In rural Missouri it is still violent compared to other places but not the extremes that a typical comparison will show. That is my point. Where did I try to defend the fact that the US does not have a violent culture? I didn’t and I am not going to.

    Yes Cloggie it is a situation of a lot of violence of color on color. You Holland will be nasty if a bad collapse comes. We will already be used to it. Just like when mad cat talks about how far the US has to fall compared to the 3rd world. Your Holland will descend into violence too once the situation in your overpopulated little flood plain of the Rhine turns unbearable. Where are you going to go with your tail between your legs? I am lucky I can go to Italy if that becomes the option.

    You see with you anti-Americans who are also grandiose self-promoters you guys live in that zone of extreme measurements. That is the only way you can find justification for your extremes of comparison. The reason I kick your asses routinely and why you both loath me is I am admitting my weaknesses. You won’t find me arguing the numbers. I argue how and why the numbers are being argued. I am not talking myself up. It would be hard to talk up being an American on an Anti-American site and with a board full of anti-Americans. I am just here to try to balance things out. Extremist can’t stand balance because it ruins the extremes.

  11. makati1 on Sun, 8th Oct 2017 2:05 am 

    And, if you take out the worse causes of death in the US, Cancers and heart failure, you get a healthier number. You cannot excise what you want to get the results you want. Murders, mass shootings and even neighbors are all going to get more deadly in the US as more and more Americans lose it because of increasing financial stress, drug use and personal debt. Not to mention all of those killers coming back from the ME that have little or no health benefits. You are not immune. Nor is your family. It is only going to get much, much worse as the collapse continues and gains speed.

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