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.

  • Bernie EcclestonedEnglish
    12·
    1 year ago

    How do they get around that global commodities are stil priced in dollars

    • Pons_Aelius@kbin.social
      31·
      1 year ago

      Are you honestly asking?

      By agreeing a price/exchange rate among themselves.

      It is not rocket science. Humans managed to trade with each other for thousands of years before the USA existed, I am sure they will work something out.

      • Bernie EcclestonedEnglish
        12·
        1 year ago

        And that price/ exchange rate is still going to be tied to every other commodity, and energy, that’s priced in dollars…

          • Bernie EcclestonedEnglish
            22·
            1 year ago

            Ok, so you agree to sell/exchange beans for oil.

            If there is a difference between the value of that to the USD amount then there’s an arbitrage opportunity.

            Russia is already selling its oil at massive discounts to Brent crude or West Texas price to India and China. You think India isn’t profiting when that crude has been refined and it loses its Russia label?

            Oh look, it is.

            This cheaper oil has found new markets — including India, which now purchases nearly two million barrels a day, roughly 45 percent of its imports, according to the International Energy Agency.

            In addition to stoking India’s economy, cheap Russian oil has given India a lucrative business refining that crude and exporting the products to other regions that suddenly need fresh energy supplies. That includes the European Union, which has banned direct oil purchases from Russia.

            https://www.nytimes.com/interactive/2023/06/22/business/india-russia-oil.html

            • Pons_Aelius@kbin.social
              32·
              1 year ago

              Again. They do not care. Leaving the influence of the USD is the goal.

              Are you too thick to understand this?

                • Pons_Aelius@kbin.social
                  2·
                  1 year ago

                  You really won’t give up on this. Will you.

                  Why do you care so much?

                  Is your self esteem tied to the USD?

                  Is it that anything that paints the USA in a bad light a threat to you?

                  • Bernie EcclestonedEnglish
                    11·
                    1 year ago

                    Ah, so when you have no clue what you’re talking about, you deflect and make it about me.

                    I’m not American, I don’t really have strong views on it, but these are just basic facts

                    You, on the other hand are making wild claims about unseating the dollar with zero references or sources

                    You’re talking out of your arse mate, that’s what bothers me. Idiots spreading bullshit.