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Title: Venezuela Just Officially Stopped Accepting Dollars for Oil Payments
Source: [None]
URL Source: http://russia-insider.com/en/politi ... g-dollars-oil-payments/ri20937
Published: Sep 15, 2017
Author: Tyler Durden
Post Date: 2017-09-15 10:54:32 by Ada
Keywords: None
Views: 378
Comments: 1

Blowback from Trump's sanctions against the country

Coming fast on the heels of a serious Chinese-Russian challenge to the petrodollar, this is important. We published an excellent article about this yesterday titled: 'We Should Take the Latest China-Russia Challenge to the Dollar Seriously', by William Engdahl, one of the best experts on this subject in the world.

Did the doomsday clock on the petrodollar (and implicitly US hegemony) just tick one more minute closer to midnight?

Apparently confirming what President Maduro had warned following the recent US sanctions, The Wall Street Journal reports that Venezuela has officially stopped accepting US Dollars as payment for its crude oil exports.

As we previously noted, Venezuelan President Nicolas Maduro said last Thursday that Venezuela will be looking to “free” itself from the U.S. dollar next week. According to Reuters,

“Venezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar,” Maduro said in a multi-hour address to a new legislative “superbody.” He reportedly did not provide details of this new proposal.

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#1. To: Ada (#0)

Buyers will purchase oil at the lowest price which include the cost of shipping. If the can save money by converting dollars into other currencies to buy oil from Venezuela at a lower price, they will do do. By not accepting dollars Venezuela may be force to sell oil for a less, but it will not be much lower. It will be less than 10% less and likely only 1% or 2% less; basically whatever it cost buyers to convert dollars into other currencies.

DWornock  posted on  2017-09-15   17:14:56 ET  Reply   Trace   Private Reply  


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