Dollar’s Declining Share in Oil Transactions – JP Morgan : Analysis

A fifth of global commodity transactions are now being conducted in currencies other than the US dollar, according to analysts. Iran and Russia have recently agreed to trade in their national currencies rather than the dollar, and other major oil exporters are also exploring alternatives to the greenback. Twelve major commodity contracts were settled in non-dollar currencies in 2023 compared to just two in the years 2015-2021. The dominance of the dollar in global trade and finance remains strong, with it accounting for around 88% of all trades in foreign exchange markets.

Analysis:
The given article states that a fifth of global commodity transactions are now being conducted in currencies other than the US dollar, and Iran and Russia have agreed to trade in their national currencies rather than the dollar. It also mentions that other major oil exporters are exploring alternatives to the greenback. The article claims that 12 major commodity contracts were settled in non-dollar currencies in 2023, compared to just two in the years 2015-2021. It further states that the dollar still dominates global trade and finance, accounting for around 88% of all trades in foreign exchange markets.

It is important to note that the article does not provide sources or citations for the information provided. Without credible sources, it is difficult to ascertain the accuracy or reliability of these claims. Additionally, the article does not provide any context or analysis on why these changes are taking place or the potential implications.

Given the lack of sources and context, it is difficult to determine the credibility of the information presented. The absence of these key elements may contribute to a potential misinformation or a lack of nuanced understanding of the topic. Without proper analysis, the article fails to provide readers with a comprehensive understanding of the subject matter.

In terms of the political landscape and prevalence of fake news, it is important for readers to be cautious when consuming information without proper sources or context. This lack of credibility can contribute to a skewed perception of the topic and potentially spread false information. It is therefore crucial for readers to approach such articles with skepticism and seek out additional sources and analysis to gain a more accurate understanding.

Overall, this article lacks credibility due to the absence of sources and analysis. Its impact is limited, as it fails to provide a comprehensive understanding of the subject matter. Without proper context and sources, readers are left with incomplete information that may contribute to misinformation or a skewed perception of the topic.

Source: RT news: Dollar losing share in oil transactions – JP Morgan