Shanghai Oil Quotes Now Rolling

By Bankster Slayer

The photo of Putin celebrating never gets old. The other players raising a glass of champagne that you can't see in the picture are President Xi as well as the ghosts of Saddam Hussein, Muammar Gaddafi, Hugo Chavez, and anybody else who once dreamed of accomplishing what Russia and China have now done: selling oil contracts at an international market in a currency other than the #PetroDollar.

"INE hereby notifies the listing prices for the contracts on 26 March 2018 as follows...." INE website, March 23, 2018

"RMB YUAN PER BARREL." GET USED TO THOSE WORDS. (SCREENSHOT: INE.CN)

Last week's walk-thru must have been successful. LIVE quotes of the Shanghai oil futures contract are now rolling at the website INE.cn [linked here]. The news circular posted on the website March 23, 2018 has already set the initial price of the contracts:

In accordance with General Exchange Rules of the Shanghai International Energy Exchange and other applicable rules, INE hereby notifies the listing prices for the contracts on 26 March 2018 as follows: The listing price for SC1809, SC1810, SC1811, SC1812, SC1901, SC1902 and SC1903 will be 416 RMB yuan per barrel. The listing price for SC1906, SC1909, SC1912 and SC2003 will be 388 RMB yuan per barrel. The listing price for SC2006, SC2009, SC2012 and SC2103 will be 375 RMB yuan per barrel.

Shanghai International Energy Exchange
23 March, 2018

It already feels weird to see those words "yuan per barrel."

AN OLDER PHOTO OF ONE OF THE NUMEROUS OCCASIONS OF XI AND PUTIN TOASTING ANOTHER AGREEMENT, ANOTHER MEMO OF UNDERSTANDING, ANOTHER BRICK IN THE LONG PATH TOWARDS DE-DOLLARIZATION.

Have the birds stopped singing? Has the sun stopped shining? (Well unless you're on the east coast.) Has the apocalypse begun? No, nor will it. America will do what it's best at: sleeping. Not taking any notice. Secure in the self-delusion of exceptionality.

Meanwhile, the rest of the world has moved on. Putin is no idiot and I have no doubt that his attitude today is similar to the one expressed while waving off his Russian officers who wanted to toast a Chechnyan victory:

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