On Tuesday, economic analyst Safwan Qusay discussed the rationale for continuing to sell oil in US dollars rather than negotiating directly with nations to get profits without going via the US Federal Reserve.
“Oil in all countries of the world is sold in dollars,” Qusay informed Al-Maalouma, “and this matter came through the agreement after World War II to make oil sales in dollars, and this connection is still in effect to this day.”
“If Iraq wants to sell oil to China in yuan rather than dollar, this means Iraq sells in dollars and then converts it to Chinese currency in order to move away from the US Federal Bank,” he added.
“There are many corrupt people who may be encouraged to own this money if they deal with Chinese currency,” he explained, “so it is better to continue dealing with countries in dollar currency because there is oversight from the Federal Reserve over this currency, in addition to ensuring that billions do not go into the hands of corrupt people under different titles.”
