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The war-torn Afghanistan ’s conservative government, the Taliban announced that it sold $80 million worth of crude Oil in 10 days. The sales come after BRICS member China poured in $49 million through CAPEIC investment last year to help the Taliban . China helped Afghanistan ’s Taliban government to boost their daily crude Oil output to 8,000 barrels per day (bpd). Taliban is now drilling new Oil wells and aims to generate $500 million in annual revenue from BRICS member China’s investment. Also Read: BRICS: Feds Acknowledge Sanctions Led To De-Dollarization Humayun Afghan, the spokesperson for Taliban’s Ministry of Mines and Petroleum reported that oil sales touched $80 million. The record number of sales was achieved in just 10 days. The Amu Darya basin in Afghanistan contains 962 million barrels of crude oil and 52,025 billion cubic feet of natural gas. BRICS member China is providing the Taliban with all financial assistance and technology to ...

The global oil supply of the BRICS alliance has been experiencing a sharp rise in 2023. The BRICS alliance inducted six new countries into the bloc and five of them are oil-producing nations. Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia export millions of barrels of oil around the world every year. Argentina is the only new member that does not produce oil. However, it is looking to bring down its dependence on the U.S. dollar. Therefore, the BRICS bloc now controls a major portion of the global oil exports and could challenge the Western hegemony. Also Read: South African President Makes Huge Announcement on BRICS Expansion Read here to know how many sectors in the U.S. will be affected if BRICS stops using the dollar for trade. BRICS Now Control 40.9% of Global Oil Supply, Up 10.9% YoY Source: oilandgasmiddleeast.com / ShutterStock The newly expanded bloc has seen the share of its global Oil supply rise year-on-year (YoY). BRICS now control 40.9% of the world’...

BRICS could shift the global power dynamics in their favor by controlling the majority of the world’s oil and gas trade. The bloc is keen on expansion by allowing Saudi Arabia and the United Arab Emirates into the group. The inclusion of Saudi Arabia and the UAE into BRICS could have a paradigm shift in the oil economy, as it could force other countries to drift away from the USD. Therefore, the first step of the de-dollarization process could begin with oil and gas sales. Also Read: BRICS: South Africa Makes Huge Announcement on U.S. Dollar Supremacy A handful of oil-producing Middle Eastern countries have expressed their interest in joining the bloc. Apart from Saudi Arabia and the UAE, Bahrain, Egypt, and Algeria are looking to join the BRICS. The five Arab nations represented 60% of the world’s oil reserves, and induction into BRICS could spell doom for the U.S. dollar. BRICS: 90% of Oil Sales Might No Longer Be Settled in the USD Source: thecradle.co If the ...