United

Supremacy

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 <p>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.</p> 
 <p><strong>Also Read: BRICS: South Africa Makes Huge Announcement on U.S. Dollar Supremacy</strong></p> 
 <p>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.</p> 
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 <h2 class="wp-block-heading" id="h-brics-90-of-oil-sales-might-no-longer-be-settled-in-the-usd">BRICS: 90% of Oil Sales Might No Longer Be Settled in the USD</h2> 
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  <img decoding="async" width="1000" height="563" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="US dollar Chinese Yuan BRICS Currency" class="wp-image-104548 ewww_webp" sizes="(max-width: 1000px) 100vw, 1000px" data-src-img="https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 1000w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 550w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 800w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 1000w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 300w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 768w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 380w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 550w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 800w" data-eio="j"> 
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   <img decoding="async" width="1000" height="563" src="https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp" alt="US dollar Chinese Yuan BRICS Currency" class="wp-image-104548" srcset="https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 1000w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 300w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 768w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 380w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 550w, https://cdn.thebittimes.com/images/2023/08/22/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 800w" sizes="(max-width: 1000px) 100vw, 1000px"> 
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  <figcaption class="wp-element-caption">
    Source: thecradle.co 
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 <p>If the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance inducts all five <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a>-producing countries, it could control 90% of the world’s <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> supply. This could lead to 90% of the <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> and gas trade being settled in local currencies and not the <a rel="noopener noreferrer nofollow" title="USD" href="https://thebittimes.com/tag/usd.html">USD</a>. The international markets could subsequently shift away from the U.S. dollar and usher in a new era of global finance.</p> 
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 <p><strong>Also Read: Can BRICS Abandon the U.S. Dollar?</strong></p> 
 <p>Accepting local currencies for <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> and not the <a rel="noopener noreferrer nofollow" title="USD" href="https://thebittimes.com/tag/usd.html">USD</a> could fast-track the de-dollarization process. Countries in Asia, Africa, and South America are most likely to accept paying in native currencies rather than the <a rel="noopener noreferrer nofollow" title="USD" href="https://thebittimes.com/tag/usd.html">USD</a>. If <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> controls crude <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a>, the U.S. economy could face hardships as the means to fund its deficit narrows. In conclusion, the upcoming <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> summit holds the key to the U.S. dollar’s prospects.</p> 
 <p><strong>Also Read: What Will Be Discussed in the Next BRICS Summit?</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>Oil</li> 
  <li>oil and gas</li> 
  <li>Saudi Arabia</li> 
  <li>US DOLLAR</li> 
  <li>USD</li> 
 </ul> 
</div>

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

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