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"BRICS" group prepares for "dollar-free" oil trade
Arab and international
Views 33
Added 09/02/2023 - 8:31 AM
https://economy-news.net/content.php?id=36122
Arab and international
A report published recently by the US "Energy Intelligence" website considered that the potential expansion of the "BRICS" group raises more questions about the dollar's dominance in global energy trade.
According to the site, when the six countries that were recently invited are added to BRICS, specifically Saudi Arabia, the UAE and Iran, the group's share of global oil production will jump from 20% to 42%.
The report stated: "Interest may grow in a system that does not depend on the dollar, but it is likely to take years from now to implement it ... As for the displacement of the dollar from its dominant position in energy trade, it may be particularly difficult."
Given BRICS' ambitions to wean itself off the dollar in its growing intra-trade flows, expanding the group could increase the potential for competition, with countries considering non-dollar payment options.
Western sanctions against Russia were a factor in pushing several countries to search for ways to immunize themselves from such threats, but the lack of alternatives makes it imperative to keep the US currency.
Russia's oil trade with India faces currency-related obstacles, as Russia does not want Indian rupees to flow to it, while India is reluctant to use the yuan, the currency of China, its regional rival.
Another 14 countries applied to join the membership of the group, including oil and gas producing countries, which gives another impetus to transformation efforts, but the position of the dollar in oil transactions is deeply entrenched, according to the description of the report.
Views 33
Added 09/02/2023 - 8:31 AM
https://economy-news.net/content.php?id=36122
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