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The inclusion of oil-producing countries like Saudi Arabia and the UAE into the BRICS alliance could lead to 90% of the world's oil trade being settled in local currencies instead of the USD New York, Oct 15 (IANS) With the BRICS emerging as a major trading bloc with its expansion of six more countries, including Saudi Arabia, since the last South African meet, question The world appears to be increasingly moving towards a multipolar future as Western sanctions on Russia have hastened the de-dollarization trend. According to one think tank, the world order could soon see a major shake-up as BRICS countries consider using the ‘petroyuan’ for The imminent BRICS expansion could certainly shift the geopolitical power balance, but it is also set to have massive implications for the US. Specifically, the inclusion of

Is the US Dollar losing its dominance in global oil trade? The BRICS alliance expansion, particularly The inclusion of oil-producing countries like Saudi Arabia and the UAE into the BRICS alliance could lead to 90% of the world's oil trade being settled in local currencies instead of the USD. This potential shift away from the dollar, highlighted by news agencies like New York, Oct 15 (IANS), raises a significant question: could the BRICS nations reshape the petrodollar system?

The world appears to be increasingly moving towards a multipolar future as Western sanctions on Russia have hastened the de-dollarization trend. According to one think tank, the world order could soon see a major shake-up as BRICS countries consider using the ‘petroyuan’ for oil transactions. The implications of BRICS members potentially circumventing the US dollar are far-reaching, impacting everything from international finance to geopolitical power.

The imminent BRICS expansion could certainly shift the geopolitical power balance, but it is also set to have massive implications for the US. Specifically, experts are analyzing how a BRICS-backed alternative to the USD, particularly in oil settlements, could weaken the dollar's strength and potentially impact the US economy. If 90% of oil sales could no longer settle in US dollars, the consequences would be substantial, prompting a re-evaluation of the global financial landscape.

The move towards local currency settlement for oil within the BRICS framework isn't just about economics; it's about challenging the established world order and asserting greater autonomy in international trade. Stay informed on this developing story as BRICS nations continue to shape the future of global finance and potentially diminish the US dollar's long-held dominance in the oil market.

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