BRICS Expansion Projected To Reduce 90% Of USD Oil Sale Settlements
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 ...