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> I’ve personally traded oil in euros and know people that trade it in pounds daily. Don't equate spot market buying with what countries do for national supply
by fakedang 8mo ago
> I’ve personally traded oil in euros and know people that trade it in pounds daily.
Don't equate spot market buying with what countries do for national supply. When countries buys from Petro states, they're not buying on the spot market.
You cannot buy oil from Saudi Aramco in pounds or euros because why not. They will simply laugh you out of the office and tell you to deal with an oil trader (the actual people you're dealing with, on the spot market). But you can actually buy from them directly in USD (which a lot of the aforementioned trading firms like Glencore, Trafigura and even Jane Street actually do).
- deleted 8mo ago[deleted]
- kasey_junk 8mo agoYour hypothesis then is that if Oman prices a single term contract not in dollars that will _cause_ the end of dollar hegemony rather than be the result of it? Even though the largest oil producer in the world will continue to price in dollars no matter what. The third largest oil producer was forcibly dedollarized already and the gulf state national producers already sell oil into the spot market outside of dollars today?