Amid the recent BRICS expansion and the bloc’s de-dollarization approach, the US and Europe may soon require local currencies in order to buy oil.
Indeed, the past several months have proven the dominance of the oil market that is maintained by the alliance. Moreover, the trajectory of purchases shows the bloc may soon require a move away from the greenback.
Saudi Arabia has recently embraced a sharp cut in its oil exports. Specifically, the figure has reached a 28-month low. Moreover, Russia has embraced a voluntary supply cut of 1.3 million bpd.
Saudi Arabia has recently embraced a sharp cut in its oil exports. Specifically, the figure has reached a 28-month low. Moreover, Russia has embraced a voluntary supply cut of 1.3 million bpd.
That figure equates to around 1% of global demand, presenting a move that could tighten the market and unveil a clear power dynamic.
Subsequently, oil-purchasing nations are rightfully concerned about the market tactics of both countries. Yet, the development could present a chance for the BRICS to forward their own currency agenda.
Subsequently, oil-purchasing nations are rightfully concerned about the market tactics of both countries. Yet, the development could present a chance for the BRICS to forward their own currency agenda.
A reality that could align with alliance-wide interest in working towards multipolar progress. READ MORE...
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