China overtook the United States as the world's top importer of crude oil and gets upper hand in Middle East

On Thursday, the central bank set the yuan at its highest level against the U.S. dollar in over a year, defying a raft of poor economic reports this week, signs of mounting capital outflows and the launch of broad stimulus package aimed at juicing up the sluggish economy.

“The aim is slightly different these days,” said Lin-Jing Leong, a portfolio manager at Aberdeen Asset Management, with $490.8 billion under management. “Given the fact that they are trying to internationalize the renminbi, that is the bigger plan. They’ve been moving towards this for the last five years—step by step, stone by stone.”
[link to www.wsj.com]

Bye-bye petrodollar!

all going according to Obama's plan... end the white mans hold on banking and oil

That's fine. We have a shit load of Oil to sell. We've become the top exporter of Oil in the world.

Oil prices rose 4.5 percent in the last two days with weak U.S. dollar and major energy organizations announcing they project global oil demand to grow.

The price of the global benchmark Brent crude oil increased to $67.64 per barrel Wednesday, from $64.73 per barrel when it opened on Tuesday.

Rise in prices came with the value of the U.S. dollar falling against other major currencies, like the Euro and the Yuan.

Since oil prices are indexed to the U.S. dollar, decrease in the value of the greenback rises the purchasing power of oil importing countries, thus increasing the overall demand of oil worldwide and pushing an upward pressure in oil prices.

In its monthly oil market report published Tuesday, OPEC projects a 50,000 barrels a day rise for global oil demand, which it estimates to total 92.5 million barrels a day in 2015.

The oil cartel also expects demand for its own crude to increase 300,000 barrels a day to reach 29.3 million barrels per day in 2015.
[link to aaenergyterminal.com]

I'd much prefer to be selling it, rather then dependant on it for sure.
[link to www.bloomberg.com]

Yep, Obama and the green movement are poised to trash the greenback, the petrodollar.

WASHINGTON — A group of senators unveiled the chamber’s first major legislative plan for lifting the nation’s longstanding ban on crude exports on Wednesday.
The measure, spearheaded and sponsored by Sen. Lisa Murkowski, R-Alaska, would put crude and a light oil known as condensate on the same legal footing as gasoline, diesel and other petroleum products, which can be exported freely, without special Commerce Department licenses.
A dozen cosponsors have signed on to the bill, with Sen. Heidi Heitkamp of North Dakota the lead, and only, Democrat so far to join the effort.
[link to fuelfix.com]

Proposed legislation to end a decades-long ban on exporting most U.S.-produced crude oil is sparking sharp debate in Washington and the energy industry. One oil company chief says the outdated rules hurt his company and keep the U.S. economy vulnerable to foreign oil producers. But ban supporters say ending it would boost consumer energy prices and hurt the environment.
[link to www.voanews.com]

Lawmakers pushing to repeal the 1970s-era ban on U.S. oil exports face a steep obstacle: The Obama administration sees no need to fully remove the restriction while the country is still importing part of its oil supply.
The US oil price drops further
Mainly because of the U.S. oil glut, domestic crude producers now get about $6 a barrel less than companies in many other countries.
[link to www.businessinsider.com]

Better then scrounging the world over constantly looking for country's to buy from.

China Adopts IMF Accounting Practice in Reserve-Currency Push

“Adjusting to international standards is essential as China wants the yuan to be a reserve currency,” said Daniel Chan, analyst at Brilliant & Bright Investment Consultancy Ltd. in Hong Kong.
China’s foreign-exchange reserves slid the most on record in the three months through March, fueling speculation the monetary authority sold holdings to support the yuan. The stockpile shrank $113 billion to $3.73 trillion in a third straight quarterly decline, central bank data show.
[link to www.bloomberg.com]

Ruble-yuan settlements booming, set to reshape global finance

Yuan-ruble trade in Russia has grown 700 percent in a year.
Exchange increased by 8 times in comparison with the previous year, and 6 times in the OTC market.
[link to rt.com]