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As big oil exporters join BRICS, local currency settlements may replace dollar
From Global Times, Beijing
Friday, August 25, 2023
With Iran, Saudi Arabia, and the United Arab Emirates joining BRICS, the multilateral mechanism now includes major global oil producers and importers. Analysts said that a wider adoption of local currencies for trade among BRICS countries, rather than using the U.S. dollar, seems more natural.
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Six candidates -- Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates -- will be admitted as BRICS members on January 1, 2024, South African president announced on Thursday at the BRICS summit. Currently, BRICS members include Brazil, Russia, India, China and South Africa.
A Shanghai-based oil industry insider told the Global Times today on the condition of anonymity that having oil producers and consumers as members will set a foundation for BRICS members to use local currencies in settlement, which can definitely reduce transaction costs, adding that people are witnessing the twilight of the petrodollar. ...
... For the remainder of the report:
https://www.globaltimes.cn/page/202308/1296990.shtml
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