"These plans will change the face of international financial transactions," one Chinese banker said. "America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate."

The Saudi Central Bank has reacted this morning and says the article is not correct. it seems the article was published in the English paper the Independent, which according to CNBC is known as serious.

CNBC says now that also the Algerians and Russians (big surprise) deny the plans.

The question is how much time will be needed to make such a transition to a new currency basket for oil denomination. Someone on TV commented that it would take 8 years. I think they can do it much faster, but it is true that it is a major operation, unless they want to operate two parallel oil and oil derivative physical and financial markets at the same time.