Imagine going from being a world policeman and a global empire to the fact that even the Saudis are pi$$ing all over you. Everyone abandons that sinking ship, all allies abandon America, only 20% of the liberal dying out West remains.
The de-dollarization of the global oil industry is in a treacherous mission creep phase. Things like this don't happen quickly, but determinedly and gradually, not exactly fitting into today's media headline game that only considers instant developments. But it is happening and the tide will not be turned based on current and near and medium-term geopolitical developments. Credit Suisse's Zoltan Pozsar recently warned clients, in essence, that the de-dollarization of the global oil industry is in full swing-even if we can't see the final end game from here.zerohedge.com/energy/why-we-shouldnt-underestimate-chinas-petro-yuan-ambitions
And with every geopolitical upset on the level of Russia-Ukraine, and with every tightening of the sanctions screws by the West, Beijing gets a little further with its petro-yuan goals.
There won't be any announcement. There won't be any loud noise. It will happen gradually. It will happen very slowly. And the West will struggle to find its footing when a new global energy order emerges in the longer-term future.
Now the map is even redder. As the largest trading partner, China can offer trading partners a discount if they switch to the Yuan and China's alternative to SWIFT. Even though the hamerican poodles won't accept, but many countries will, especially if they can buy Russian energy products as well as goods from other countries under sanctions with the same system, along with Chinese goods at a discount. Another important thing is the perception of America and the dollar after freezing Russian forex reserves and cutting off Russian banks from SWIFT, now every country knows that this can happen to them too if they are not 100% obedient, and no one wants to be in that situation.