BRICS: 15 Nations Could Swap US Dollar for Oil Trade

• The UAE, as a New BRICS Member, Eyes Oil Payments in Local Currencies
• Impact on US Sectors if BRICS Abandons Dollar for Oil and Gas Transactions
• BRICS: UAE Leads the Way in Championing Local Currencies and Reducing US Dollar Dependence
• BRICS: Momentum for De-Dollarization Grows in Emerging Economies
• BRICS: US Dollar Faces Loss as Saudi Arabia Embraces Chinese Yuan for Trade

The UAE, as a New BRICS Member, Eyes Oil Payments in Local Currencies

The United Arab Emirates (UAE), a recent addition to the BRICS group, is actively exploring the possibility of oil payments in local currencies, thereby reducing the dependence on the US dollar. The UAE is identifying potential nations interested in making settlements in their local currencies, such as the Dirham. Recent updates suggest that the UAE is eager to renew oil and gas trade arrangements with 15 nations open to local currency settlements.

Impact on US Sectors if BRICS Abandons Dollar for Oil and Gas Transactions

BRICS members such as China, India, Russia, and Egypt, are on the UAE's list for potential oil trading partners. In addition to BRICS nations, the UAE aims to incorporate other countries willing to transact in local currencies instead of the US dollar. The shift from the US dollar could significantly impact several sectors within the United States.

BRICS: UAE Leads the Way in Championing Local Currencies and Reducing US Dollar Dependence

BRICS' new members are pioneering de-dollarization initiatives. India and the UAE have successfully conducted oil trade in their local currencies as of September this year, marking a historic transition away from the tradition of using the US dollar for oil and gas commerce. Specifically, India used its local currency, the Rupee, to settle a 1 million barrel oil trade with the UAE.

BRICS: Momentum for De-Dollarization Grows in Emerging Economies

Furthermore, Saudi Arabia has also announced its willingness to accept local currencies for oil, posing a significant threat to the US dollar. This development opens doors for emerging economies to choose local currencies over the dollar. BRICS aims to challenge the US dollar's stronghold in the oil sector and introduce their respective local currencies as viable alternatives.

BRICS: US Dollar Faces Loss as Saudi Arabia Embraces Chinese Yuan for Trade

These developments could potentially destabilize the US economy, as the dollar's ability to finance its deficit will be tested. The upcoming years could be crucial in determining the standing of the dollar in global currency markets.

Edited by Jonathan Stoker