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Conflicting reports about Saudi Arabia joining the BRICS alliance on January 1, 2024, are making the rounds lately. Reuters reported that Saudi Arabia is yet to accept the BRICS invitation and the decision to join the bloc is pending. The report states that the Kingdom of Saudi Arabia has not signed the BRICS agreement and is reevaluating the benefits of being a part of the alliance. Also Read: BRICS: U.S. Dollar Ranks Last in the Top 10 Currency List Sources close to the development said that Jan. 1, 2024, is not the deadline for a decision. The timeline is much ahead giving countries that are invited ample time to discuss joining BRICS. Therefore, Saudi Arabia is still considering its options for joining BRICS and will conclude soon. “ Saudi Arabia is assessing the benefits and then will make a decision, there is a process happening,” said a source with direct knowledge of the matter. Also Read: 3 Countries Agree To Launch BRICS Currency To Chal...

BRICS is all set to invite Middle Eastern nation Saudi Arabia into the alliance, according to Bloomberg. The move will push the BRICS to expand their influence in the global financial sector and renegotiate oil and gas trade deals. This could lead to a paradigm shift in geopolitics, altering existing bilateral trade deals with the U.S. and other Western countries. Also Read: 5 New Countries Expected To Join BRICS BRICS is ushering in a new financial era where local currencies and not the U.S. dollar will be used for cross-border transactions. Crude oil plays an important role, and it is the top commodity that has been in demand for decades. The international markets could experience a drastic change if Saudi Arabia accepts the BRICS invitation to join the bloc. “Major emerging market nations are preparing to invite top oil exporter Saudi Arabia and several other countries to join their bloc in a push to expand its global influence,” reported Bloomberg. Also R...

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 ...