Gold to be dollar’s biggest competitor, says ROSNEFT CEO
Russia’s largest oil company Rosneft CEO Igor Sechin has said that the global energy sector is embroiled in a hybrid war and gold could soon rival the dollar as the world’s primary currency
Delivering a speech in Ras Al Khaimah, United Arab Emirates, he said the main competitor of the U.S. currency will be gold, which has been used for thousands of years for settlements.
Sechin noted that the U.S. economy benefits significantly from maintaining the dollar as the global reserve currency.
Citing U.S.-based consulting firm McKinsey’s estimations, Sechin said the U.S. derives an annual direct financial benefit of $100 billion from using the dollar as a reserve currency.
He also said the U.S. has suffered a loss of leadership in the scientific, technological, industrial and financial spheres that was hard to imagine 20-30 years ago.
The CEO suggested that conflicts in the Middle East, Ukraine, Latin America, and the Asia-Pacific region are being deliberately created and escalated.
Sechin noted the U.S. has also benefited from the actions of the OPEC+ group, which includes the world’s largest oil producers.
Sechin also said energy demand is growing in developing countries, where 750 million people still have no access to electricity.
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