Kingdom

JUST

2024

Wednesday

Yuan

<div class="watcher-guru">
 <p>Saudi Arabia officially joined the BRICS alliance on Wednesday becoming the first large oil-producing country to enter the bloc. BRICS initiated a power move with Saudi Arabia’s inclusion as they now control nearly half of the world’s oil output. The development puts the US prospects in peril as America only holds a fraction of oil compared to BRICS. The stakes are high and if BRICS start accepting local currencies for oil payments, the US dollar will plummet.</p>
 <p>Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for oil trade. The ball is now in the BRICS’ court and their next decisions could make or break the prospects of the US dollar.</p>
 <p><strong>Also Read: BRICS: Russia Settles 85% Trade in Local Currency, Sidelines US Dollar</strong></p>
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828227"></div>
  </div>
 </div>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">JUST IN: 🇸🇦 <a rel="noopener noreferrer nofollow" title="Saudi Arabia" href="https://thebittimes.com/tag/saudi-arabia.html">Saudi Arabia</a> officially joins <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>.</p>— Watcher.Guru (@WatcherGuru) January 31, 2024
   </blockquote>
  </div>
 </figure>
 <h2 class="wp-block-heading" id="h-brics-hold-47-global-oil-after-saudi-arabia-s-inclusion-us-owns-2-1">BRICS Hold 47% Global Oil After Saudi Arabia’s Inclusion, US Owns 2.1%</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/02/01/cc7b2638bb0c6a781f5b584f78453a44.webp" alt="Extended BRICS Saudi Arabia Oil Gas Commodity GDP" class="wp-image-110044" srcset="https://cdn.thebittimes.com/images/2024/02/01/cc7b2638bb0c6a781f5b584f78453a44.webp 1024w, https://cdn.thebittimes.com/images/2024/02/01/cc7b2638bb0c6a781f5b584f78453a44.webp 300w, https://cdn.thebittimes.com/images/2024/02/01/cc7b2638bb0c6a781f5b584f78453a44.webp 768w, https://cdn.thebittimes.com/images/2024/02/01/cc7b2638bb0c6a781f5b584f78453a44.webp 380w, https://cdn.thebittimes.com/images/2024/02/01/cc7b2638bb0c6a781f5b584f78453a44.webp 550w, https://cdn.thebittimes.com/images/2024/02/01/cc7b2638bb0c6a781f5b584f78453a44.webp 800w, https://cdn.thebittimes.com/images/2024/02/01/cc7b2638bb0c6a781f5b584f78453a44.webp 1160w, https://cdn.thebittimes.com/images/2024/02/01/cc7b2638bb0c6a781f5b584f78453a44.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: oilandgasmiddleeast.com / ShutterStock
  </figcaption>
 </figure>
 <p>The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance now controls 47% of the world’s <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> while the US holds only 2.1%. If they demand developing countries to pay in local currencies, the US dollar will be the hardest hit. Below is the breakup of how much <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> each <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> country holds.</p>
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div id="primisContainer" class="add"></div>
 </div>
 <p><strong>Also Read: BRICS: China Pushes Yuan in Africa, Reduces US Dollar Debt Repayment</strong></p>
 <figure class="wp-block-table">
  <table>
   <tbody>
    <tr>
     <td><strong>Saudi Arabia</strong></td>
     <td><strong>17%</strong></td>
    </tr>
    <tr>
     <td><strong>Russia</strong></td>
     <td><strong>12%</strong></td>
    </tr>
    <tr>
     <td><strong>Iran</strong></td>
     <td><strong>9.5%</strong></td>
    </tr>
    <tr>
     <td><strong>UAE</strong></td>
     <td><strong>5.9%</strong></td>
    </tr>
    <tr>
     <td><strong>China</strong></td>
     <td><strong>1.5%</strong></td>
    </tr>
    <tr>
     <td><strong>Brazil</strong></td>
     <td><strong>1%</strong></td>
    </tr>
    <tr>
     <td><strong>India</strong></td>
     <td><strong>0.3%</strong></td>
    </tr>
    <tr>
     <td><strong>Total</strong></td>
     <td><strong>47%</strong></td>
    </tr>
   </tbody>
  </table>
 </figure>
 <p>Saudi Arabia recently confirmed that the Kingdom is ready to accept local currencies if other developing countries wish to pay. However, oil settlements in local currencies are not yet initiated and the US dollar is used for payments. Nonetheless, the risk of sidelining the US dollar for oil payments remains high as BRICS kickstarted the de-dollarization process.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: UAE Pays China With New Digital Dirham, Ditches US Dollar</strong></p>
 <p>The US now needs to come up with initiatives and maintain its friendly ties with Saudi Arabia. The Kingdom’s local currency, and the UAE’s currency, the Riyal and Dirham are pegged to the US dollar. Therefore, Saudi Arabia and the UAE messing with the US dollar will only hurt their local currency which could impact their native economies.</p>
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828233"></div>
  </div>
 </div>
</div>
<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>Oil</li>
  <li>Saudi Arabia</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-control-47-of-global-oil-u-s-owns-just-2-1-tbt78474.html">https://thebittimes.com/brics-control-47-of-global-oil-u-s-owns-just-2-1-tbt78474.html</a></p>

BRICS Control 47% of Global Oil, U.S. Owns Just 2.1%

Table of Contents

TheBitTimes

Other articles published on Feb 1, 2024

SHIB looks to a better February after losing 14.50% in January

Ethereum: Vitalik Buterin is already saying goodbye, a new chapter begins!

Challenges mount for Binance in UK return efforts

Honeywell (HON) Q4 Earnings: $9.44B in Revenue and $2.6 EPS

Hex Trust to support Ripple's XRP

Creditors to Receive $3 Billion Payout as Celsius Bankruptcy Concludes

Join our free newsletter for daily crypto updates!