In this report I cover the geopolitical events in the Middle East and how they pertain to the challenge to the petrodollar by the petroyuan and the new yuan oil futures contract at the International Energy Exchange in Shanghai, China.
I note that the recent developments in Syria are indirectly related to the petrodollar and the challenge from the petroyuan. The reason for that is that Russia is the biggest exporter of oil to China and as a result will be earning a huge amount of its oil revenues in yuan. Syria is also strategically important to the transport of energy (oil and gas) to Europe from the Middle East and as Syria is presently allied to Russia you can bet that any energy that were to flow from the Middle East through Syria to Europe would be price in euros or other currencies other than the dollar.
I note that the decision by the U.S., U.K. and France to bomb Syria on April 13th, 2018 could escalate into a greater conflict between NATO and the SCO which is the Shanghai Cooperation Organisation. The SCO is the NATO equivalent for the One Belt One Road initiative.
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