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China's Xi vows to buy more Mideast oil as U.S. focus wanes

22 Comments
By JON GAMBRELL

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Xi also urged the Arab countries to conduct energy sales in the Chinese yuan

The US is not only losing Saudi Arabia but countries are ditching the USD.

The US freezing Russian USD bank assets and threatening to give them to Ukraine is theft and the world knows it.

This open theft has destroyed confidence and trust in the USD system.

-7 ( +1 / -8 )

Good factual piece.

China...import more oil and natural gas from energy-rich Gulf Arab states while not interfering in their affairs

Sure why not. But let's see if the plan is achievable given tensions, that has cost USA trillion$ to manage. Let's see if China is now willing to shoulder these security costs.

Xi also urged the Arab countries to conduct energy sales in the Chinese yuan

Trade in RMB? Given the USD oil trade has meant US citizens and its allie are exposed to massive inflation driven by global energy trade, I can't see that USA would oppose this. Can China or trade partners carry the burden of a fluctuating trade currency though? If not too vad, so sad.

The U.S. has already has warned its Gulf Arab allies about working with Huawei over spying concerns.

Let them go down this rabbit hole I'd say. Globalisation is finished, the shift to renewables has started, the IRA is only just a taste of it. If Arab states like to weather the storm with strangers on a leaky boat, let them.

IMHO, we will soon witness individual nations prosper over block of nations, rules over might, and those who can't observe rules, like China, Iran, Russia, Pakistan etc. will see their source of energy and resources wither, OR they'll have to spend big to protect these sources. There's no shortage of warlords, terrorists, freedom fighters, rogue states wanting a share of global resources trade.

4 ( +4 / -0 )

The US freezing Russian USD bank assets and threatening to give them to Ukraine is theft and the world knows it.

It isn't theft if notices and warnings were given. How many thief do you know go about telling owners of properties they're about to be robbed? Very flawed mind there.

On the other hand, if you're bad, the sheriff is going to confiscate your ill gotten gains and compensate the victim.

5 ( +6 / -1 )

“The Palestine issue is vital to the peace and stability in the Middle East,” Xi said. “The historical injustice suffered by the Palestinian people cannot continue indefinitely. The legitimate national interests cannot be traded. The demand for an independent state cannot be vetoed.”

AMEN.

Soon Israel will have an ultra right government that is keen on stealing and annexing more Palestinian land and pushing it's rightful owners out of it.

3 ( +4 / -1 )

If it was up to me I would tell all the nations in the Gulf to take a hike, and especially the Saudis. There isn't a single nation in that region I have anything nice to say about but Saudi is perhaps worse than Iran. I think the US should remove its forces from the region, greatly reduce its diplomatic presence and let the Chinese have that headache. There isn't one nation in that region that is worth shedding blood or treasure for. Not one.

5 ( +5 / -0 )

How many thief do you know go about telling owners of properties they're about to be robbed? Very flawed mind there.

The Israeli Army does this as a matter of routine before they bulldoze Palestinian homes or their orchards, or take their land for "settlements" (colonies).

5 ( +5 / -0 )

China's Xi vows to buy more Mideast oil as U.S. focus wanes

Birds of a feather.

1 ( +1 / -0 )

The money China is saving on buying Russian oil they can use to buy middle east oil.

By buying oil from there they increase demand and oil prices rise.

Western and other goverments will have more pressure on their economies.

.

Desert Tortoise

The nations in that area has oil.

While oil is in demand world wide, goverments will do what that want to get the oil.

Even if it costs lives.

.

Untill oil can be replaced, people will die because of it.

How many oil palm trees would be needed to produce a single barral of oil ?

Rape seed, peanut and other plants oil can be taken from.

The current demand for oil out strips the world ability to use plant oil to replace it.

.

1 ( +1 / -0 )

@Azzprin, the US doesn't need oil from that region. The US can tell the Arabs to go to hades and very much should. Members of the US Government whine about how horrible the Iranian government is and sanctions them up the hooter. Just my opinion but the governments of the gulf states are every bit as bad and the Saudis are even worse. Let them buy inferior weapons form China and let Winnie the Chinese have the headaches of that region.

4 ( +4 / -0 )

China's Xi vows to buy more Mideast oil as U.S. focus wanes

Birds of a feather.

They deserve each other. Let China deal with the conflicts between the Saudis and Iran, Houthis, etc.

3 ( +3 / -0 )

There isn't one nation in that region that is worth shedding blood or treasure for.

Agreed, but remember USA used to secure the region because it used to depend on the region for energy security.

Globalisation was a Wall St invention so that its investments any where around the globe was protected, taking a leaf from the British East India company and its own navy. Smaller nations used to benefit because nations that lacks resources would get access, and nations with excess resources could export, securely, courtesy of USA.

Not any more, now China wants everything, and it will weaponise trade to make sure it gets everything, so nobody wants globalisation any more, not even Wall Street, except for a few stragglers like Birkshire...

-1 ( +0 / -1 )

The nations in that area has oil.

They also hate each other, so when USA exit, I'm going to get a big bucket of popcorn and watch Iran bomb Saudi tankers, and vice versa, whilst their monies go off to fund proxy wars in the rest of the region. Russia of course will be a winner filling in the gaps and essentially developing nations still relying on fossil fuels will regress to undeveloped status.

2 ( +2 / -0 )

Hang on. I thought that the Chinese were going to buy all the Russian oil that the West price-capped/was denied/etc.?

If the Chinese are looking to buy Saudi oil, there is no way that isn't bad for mini-me.

And I agree with the previous posters; Chinese are going to use the resources to secure the House of Saudi's security (making itself an Iranian enemy)?

I don't think so.

2 ( +2 / -0 )

Globalisation was a Wall St invention.

Nope. Familiarize yourself with the Bretton Woods Agreement and the wartime context in which it was negotiated in 1944. The political basis for the Bretton Woods system was in the confluence of two key conditions: the shared experiences of two World Wars, with the sense that failure to deal with economic problems after the first war had led to the second; and the concentration of power in a small number of states.

3 ( +3 / -0 )

Well look at that. Nice solid handshake. Not some lame fist bump attempt followed by a failed quid pro quo.

-3 ( +0 / -3 )

Well look at that. Nice solid handshake. Not some lame fist bump attempt followed by a failed quid pro quo.

Well look at that. Finding common cause with our adversaries for the sake of snark.

How very on-brand if you.

2 ( +2 / -0 )

Little by little, China is taking over the places in the world where the US has weakened.

This is how world order changes start..

The same happened with Rome in the 4th century.

-1 ( +0 / -1 )

Nope. Familiarize yourself with the Bretton Woods Agreement and the wartime context in which it was negotiated in 1944

...and you need to read up history in 1971 when BW was considered officially kaput. The monetary system that was BW was NOT the bones, heck not even the toenail of globalisation. Go and read Peter Zeihan's book on globalisation, it's about USA looking after allies to fight the USSR. That's why it was the cold war.

0 ( +0 / -0 )

Little by little, China is taking over the places in the world where the US has weakened

Is this the track record? Nope, in fact where China goes, catastrophy follows, because China always want complete control. Just look at BRICS, it was supposed to end western rules based order, and even with a massive own goal called the GFC, the BRICS couldn't even agree what the common goal is.

I'm going predict China will want the Gulf states to use its currency, trade out of Shanghai, use its logistics, and its price model. Just ask BHP what it told China to do after China tried it on BHP. LOL, popcorn time.

1 ( +1 / -0 )

Nice solid handshake

Yes, start of a new bromance. But I'm not sure that there's a matchmaker lurking in glee that MBS has taken the bait.

Soon the matchmaker is going to tell MBS 'hey, you broke up with us'...2 birds 1 stone.

2 ( +2 / -0 )

I suppose Biden could have met without most dangerous adversary without advisers, notes or a readout and confiscated the translator’s notes, then thrown his own intelligence services under the bus in what would become popularly known as the “Humiliation in Helsinki”.

I suppose he could have held up vital assistance to an allied nation to use as leverage to get imagined dirt on a domestic political opponent.

I suppose he could have made excuses when the Saudis murdered a US Permanent Resident and dismembered him.

Oh wait, that was Dotard Don!

I didn’t much care for the fist numb either. But on the spectrum of inadequacies diplomatic, it’s not even in the same solar system.

-1 ( +0 / -1 )

Nothing from the Saudi Sunni Muslims about the Chinese Sunni Uighurs.

0 ( +1 / -1 )

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