Biden humiliated as Xi strikes huge Gulf energy deal to replace US dollar for oil and gas

In a speech at the China-Gulf Cooperation Council (GCC) summit, he added that Beijing that GCC member states were “natural partners” for cooperation.

He said: “China will continue to import large quantities of crude oil from GCC countries, expand imports of liquefied natural gas, strengthen cooperation in upstream oil and gas development, engineering services, storage, transportation and refining, and make full use of the Shanghai Petroleum and National Gas Exchange as a platform to carry out yuan settlement of oil and gas trade.”

He also highlighted other potential areas of cooperation between the countries over the next three to five years, including finance and investment, innovation and new technologies, as well as aerospace, and language and cultures.

He continued: “China is willing to carry out financial regulatory cooperation with GCC countries, facilitate GCC enterprises to enter China’s capital market, establish a joint investment association with GCC, support sovereign wealth funds of both sides to cooperate in various forms”.

Article source: https://www.express.co.uk/news/science/1707778/biden-humiliated-xi-jinping-china-gulf-energy-deal-us-dollar-yuan-oil-gas