{"id":98678,"date":"2017-09-18T12:00:44","date_gmt":"2017-09-18T11:00:44","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=98678"},"modified":"2017-09-16T19:45:44","modified_gmt":"2017-09-16T18:45:44","slug":"venezuela-reports-oil-prices-in-chinese-currency-shunning-the-tyranny-of-the-dollar","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2017\/09\/venezuela-reports-oil-prices-in-chinese-currency-shunning-the-tyranny-of-the-dollar\/","title":{"rendered":"Venezuela Reports Oil Prices in Chinese Currency, Shunning the &#8216;Tyranny of the Dollar&#8217;"},"content":{"rendered":"<blockquote><p><em>Following the imposition of U.S. sanctions, Venezuela has quoted its oil prices in <\/em>the <em>Chinese Yuan, going against\u00a0the global norm.<\/em><\/p><\/blockquote>\n<div id=\"attachment_98679\" style=\"width: 610px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.transcend.org\/tms\/wp-content\/uploads\/2017\/09\/pdvsa-venezuela-oil.jpg\" ><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-98679\" class=\"size-full wp-image-98679\" src=\"https:\/\/www.transcend.org\/tms\/wp-content\/uploads\/2017\/09\/pdvsa-venezuela-oil.jpg\" alt=\"\" width=\"600\" height=\"340\" srcset=\"https:\/\/www.transcend.org\/tms\/wp-content\/uploads\/2017\/09\/pdvsa-venezuela-oil.jpg 600w, https:\/\/www.transcend.org\/tms\/wp-content\/uploads\/2017\/09\/pdvsa-venezuela-oil-300x170.jpg 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><p id=\"caption-attachment-98679\" class=\"wp-caption-text\">A PDVSA oil tank in the state of Anzoategui, Venezuela. | Photo: Reuters<\/p><\/div>\n<p><em>16 Sep 2017 &#8211; <\/em>Venezuela, the country with the largest oil reserves in the world, began on Friday [15 Sep] to report its crude oil prices in the Chinese Yuan, bucking the oil market norm of pricing in the U.S dollar.<\/p>\n<p>\u201cThis format is the result of the announcement made on September 7th by the President (Nicolas Maduro)&#8230; that Venezuela will implement new strategies to free the country from the tyranny of the dollar,\u201d the Venezuelan Oil Ministry said in a statement after the price bulletin was posted.<\/p>\n<p>The decision to operate with Chinese currency was announced last week as a way for the country to overcome the negative impact of financial sanctions imposed by the United State government of President Donald Trump against Venezuela. The U.S. has claimed its sanctions are intended to \u201cdeny the Maduro dictatorship a critical source of financing.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"es\" dir=\"ltr\">Vzla responde geopol\u00edticamente a las sanciones gringas cotizando su crudo en yuanes. Acelera el cambio de alineaci\u00f3n financiera de la regi\u00f3n<\/p>\n<p>&mdash; William Serafino (@williamserafino) <a target=\"_blank\" href=\"https:\/\/twitter.com\/williamserafino\/status\/908785406921068544?ref_src=twsrc%5Etfw\" >September 15, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: center;\"><strong>Twitter above: &#8220;Venezuela responds geopolitically to the gringo&#8217;s sanctions, by quoting its crude\u00a0prices\u00a0in yuans. This\u00a0accelerates the shift\u00a0of financial\u00a0alignment in the region.&#8221;<\/strong><\/p>\n<p>\u00a0\u201cThe market is dominated by transactions with the U.S: dollar, and we must develop other ways to conduct international transactions,\u201d the Finance Minister, Ramon Lobo said to VTV last weekend.<\/p>\n<blockquote><p><strong><em>RELATED: <\/em><\/strong><em><a target=\"_blank\" href=\"https:\/\/www.telesurtv.net\/english\/news\/Venezuelas-President-Nicolas-Maduro-Welcomes-International-Support-for-Talks-with-Opposition-20170915-0015.html\" >Venezuela&#8217;s President Nicolas Maduro Welcomes International Support for Talks with Opposition<\/a><\/em><\/p><\/blockquote>\n<p>Venezuelan government officials have said that under the regime of the new sanctions, servicing debts and import payments on goods has become significantly more difficult, as U.S. banks are refusing to receive public funds. This has also affected the state oil company, PDVSA&#8217;s ability to sell crude on the market.<\/p>\n<p>The price per barrel posted on Friday was 306.26 yuan, which exchanges to US$46.76 according to the bulletin. Last week&#8217;s price was 300.91 yuan, or US$46.15 yuan.<\/p>\n<p>httpv:\/\/www.youtube.com\/watch?v=YrMFNxXm4uM<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.telesurtv.net\/english\/news\/Venezuela-Reports-Oil-Prices-in-Chinese-Currency-Shunning-the-Tyranny-of-the-Dollar-20170916-0001.html?utm_source=planisys&amp;utm_medium=NewsletterIngles&amp;utm_campaign=NewsletterIngles&amp;utm_content=12\" >Go to Original \u2013 telesurtv.net<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Venezuela, the country with the largest oil reserves in the world, began on Friday [15 Sep] to report its crude oil prices in the Chinese Yuan following the imposition of U.S. sanctions, bucking the oil market norm of pricing in the U.S dollar.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[146],"tags":[],"class_list":["post-98678","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/98678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/comments?post=98678"}],"version-history":[{"count":0,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/98678\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/media?parent=98678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/categories?post=98678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/tags?post=98678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}