The UAE is considering moving away from the US dollar to the Chinese yuan amid rising regional tensions and economic instability, challenging traditional alliances.
That’s about as nuclear of an option as they can threaten in terms of geoeconomics
It’s no small threat, but you have to keep in mind that the UAE doesn’t produce that much oil to begin with. If they did go ahead with it, little consequences would be felt immediately. If they can convince Saudi to do the same, however…
It’s no small threat, but you have to keep in mind that the UAE doesn’t produce that much oil to begin with. If they did go ahead with it, little consequences would be felt immediately. If they can convince Saudi to do the same, however…
It’s more about the precedent that it sets than their outright share of global oil trade.