The Chinese yuan may get a boost in BRICS trade, but it's unlikely that the world's top oil exporter, Saudi Arabia, would be willing to ditch the dollar anytime soon
The de-dollarization is underway, some analysts said after the
alliance also proposing to include Argentina, Egypt, and Ethiopia would have much larger clout on the global political stage, a trade, but it’s unlikely that the world’s top oil exporter, Saudi Arabia, would be willing to ditch the dollar anytime soon. The Kingdom’s currency, the riyal, has been pegged to the greenback since the 1980s and the Saudis need dollars to back it. In addition, there has not been any hint from the Saudi rulers that they are willing to make such a big shift, according to some analysts.
consisting of 11 countries, from five currently, and the bloc will account for 37.3% of the world’s GDP in 2024, which is expected to rise to 37.7% in 2025 and 38.5% in 2028. The , but analysts don’t expect this to happen anytime soon. The sanctions on Russia’s oil are working, Russell Hardy, chief executive of the world’s largest independent oil trader, Vitol Group, told the Asia Pacific Petroleum Conference APPEC in September. “The flip side of sanctions is that it is creating stronger bonds between
De-Dollarization BRICS Major Oil Exporters Middle East Saudi Arabia UAE Iran Brazil Russia India China South Africa Crude Oil Importers
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