The addition of the Kingdom of Saudi Arabia (KSA) to the BRICS+ at a summit on August 24 came as a surprise to many, but analysts say it will ...

Addition of KSA, UAE, Iran means share has doubled to 42% of crude oil output in 2022. "Saudi pricing oil exports to China and India in non-dollar currencies does not spell the end of the dollar as the international currency of choice,” says ING. Trade within bloc makes trade hard to sanction by West.

  • HomebrewHedonist@lemmy.caEnglish
    31·
    1 year ago

    When they start to tell us there’s no problem, there’s a problem. The US dollar is in decline as the world currency. Too much debt by the US is making other countries nervous to hold too much of their dollars.

    • Pons_Aelius@kbin.social
      2·
      1 year ago

      The USD as the world reserve currency has propped up the USA for decades. If/when that is no longer the case, the US is in for a serious reality check.

      One of the never mentioned things about the Iraq war was that Iraq had announced it would sell its oil without the use of the USD a few months before.