Oil Buyers Club

I generally agree with both articles.  I have been writing about the rise of PetroYuan for a year or so now, mostly on LinkedIn.

Also, this time around, the Oil Buyers Club may actually gain some traction.  The Asian Premium that is charged really wrankles India.

Related, here's an old interview from a year ago with Texas, much of it ended up being about the PetroDollar and the PetroYuan.  Since we had chatted several times before, this interview was just free form, unscripted chatting about international oil & gas with Ryan.  For those of you who don't really know me, my comments here on Oil Price are pretty much off the cuff, off the top of my head, just like this conversation with Ryan:

Episode 91 -Tom Kirkman on the Petrodollar

Sep 28th, 2017 by globalenergyleaders

On today’s episode, Ryan Ray visits with Tom Kirkman as he returns to The Global Energy Leaders Podcast from Malaysia to discuss the Petrodollar.

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Nice to meet your voice:)

there is no gold backing of RMB and it is effectively pegged to USD. As long as oil producers confident they can spent yuans, it may keep going and affect USD somewhat but it won’t challenge it. Something else will. 

Corbett introducing idea that NOPEC may be a concerted effort of establishing global government. 

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19 minutes ago, DanilKa said:

Nice to meet your voice:)

Thanks DanilKa. That interview with Ryan is a year old, and the discussion was at 4am my time in Malaysia.  Much of what I stated seems to have aged fairly well.

I've since moderated my tone about the Petrodollar being "under attack" to welcoming a PetroYuan challenge to the PetroDollar monopoly.

Yes, the PetroYuan is promised to be fully convertible to gold on the Hong Kong and Dubai markets.  Might help explain why China has been on a gold buying spree the last few year, to back up their Yuan.

And my $50 - $60 price range preference for stability finally got upped to $65 at the beginning of this year.

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7 minutes ago, Tom Kirkman said:

Yes, the PetroYuan is promised to be fully convertible to gold on the Hong Kong and Dubai markets Might help explain why China has been on a gold buying spree the last few year, to back up their Yuan.

In a same way USD or any other currency is convertable to gold or any other product. There is a check valve for gold in China - it doesn’t leave it. China isn’t stupid to back its currency with gold if they can print paper - heck, they invented it! 

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8 minutes ago, DanilKa said:

China isn’t stupid to back its currency with gold if they can print paper - heck, they invented it! 

Heh heh you are correct. 

But China has promised that the PetroYuan will be fully convertible to gold on the Hong Kong and Dubai markets.  Not the Yuan in general, only the PetroYuan is promised to be convertible to gold - only for oil transactions - and only on 2 markets.

Anyone here know if any seller of oil in Yuan has actually tried to convert the PetroYuan transaction to gold?

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