Publications: Notes at the Margin

China, Russia, and Saudi Arabia: Dollar Hallucination (April 24, 2023)


The dollar has always played a central role in the oil market. Its position is now being contested. China has boosted investment in Middle East oil and gas projects. As The Wall Street Journal reports, China is using this investment to “challenge the primacy of the US dollar.”[i] China will fail in its attempt to undermine the dollar. However, by attracting support from the Middle East oil-exporting nations, China may succeed in driving down oil and natural gas prices, an effort that serves the interests of Xi Jinping, Chinese consumers, and China’s financial community.

[i] Sha Hua, “China Strikes Energy Deals as its Clout Grows in Middle East,” The Wall Street Journal, April 21, 2023 [].


To receive the full report along with future issues of Notes at the Marginplease Contact Us or send us aInformation Request for subscription information.