Dominant Dollar Faces Challenges in the Oil Markets Several emerging economies are exploring commodity trade without the U.S. dollar to decrease their dependence on it. Countries like Russia and Iran, hindered by U.S. sanctions, have increased oil sales in alternative currencies, finding willing buyers in nations such as China and India, often at reduced prices. While less critical for other major commodity exporters, countries like Brazil, the UAE, and even Saudi Arabia are making moves to enable non-dollar trades. Natasha Kaneva from JPMorgan Chase notes a significant shift, with approximately 20% of global oil now traded in currencies other than the dollar. The trend is highlighted by a rise in major non-dollar commodity contracts, growing from just two between 2015-2021 to twelve in 2023, primarily involving Russian and one UAE seller. These figures refer to physical commodity transactions, not futures trading in financial markets. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts U.S. Dollar Stabilizes After Better-Than-Expected GDP Report READ MORE SSR Mining Stops Gold Production after Landslide in Turkey READ MORE Gold and Bitcoin: Vital Challengers to Fiat Currencies READ MORE Gold Hovers Near $2,400 as Rate Cut Expectations Grow READ MORE Japan's May Wholesale Inflation Surges, Challenging BOJ Rate Hike Plans READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment