Saudi Arabia to endorse Petrol BRICS deal in BRICS 2023 summit| Dedollarization

Accordingly, Europe has had a new reserve currency every 100 years for 500 years. Portugal, Holland, France, and England all colonized. Wars and societal upheaval sometimes accompanied monetary changes. In the 20th century, the US dollar ruled the world. History implies the dollar’s cycle is ending. Asia challenges again. China is developing an alternative monetary system to split the global financial system. China has strong allies. 41% of the world’s population lives in BRICS countries. The “de-dollarization coalition“ is bypassing the dollar using currency exchanges. A BRICS settlement currency based on a basket of participating currencies may be next. De-dollarization goes beyond BRICS. African, Latin American, and Middle Eastern nations may participate. Saudi Arabia is considering joining BRICS. The Saudis and US created the petrodollar 50 years ago. They might create a petro-BRICS currency this time. OPEC nations may follow, repricing the $7 trillion oil market. Despite decades of global warming warnings and billions of dollars in green technologies, fossil fuel addiction persists. Oil’s “black gold“ moniker is justified. Oil consumption determines a nation’s wealth. A 42-US-gallon (159-liter) barrel of oil, which costs less than $100, compresses 25,000 man-hours of labor. Before the Industrial Revolution, 12 people worked a year. Diesel fuel runs the worldwide supply chain. China, India, Russia, and Saudi Arabia make up BRICS, the world’s major energy buyers and producers. BRICS would dominate oil and other commodities including wheat, fertilizer, industrial metals, uranium, and gold if candidate members were recruited. Deep Dive into Geopolitics, Business, Economic History Related to World Affairs, Climate crisis & Green Mobility. Expect New Fascinating Videos Every Week. ‼️ Disclaimer:‼️ Some of the videos, songs, images, and graphics used in the video belong to their respective owners and this channel does not claim any right over them. Copyright Disclaimer under Section 107 of the Copyright Act 1976. The information on this channel shall not be understood or construed as financial advice. We are not an attorney, accountant or financial advisor, or claim to be. The content on this channel is not a substitute for financial advice and serves for entertainment purposes only. | DISCLAIMER Reminder | The Copyright Laws of the United States recognizes a “fair use” of copyrighted content. Section 107 of the U.S. Copyright Act states: “Notwithstanding the provisions of sections 106 and 106A, the fair use of a copyrighted work, including such use by reproduction in copies or phono records or by any other means specified by that section, for purposes such as criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research, is not an infringement of copyright.” Any information on this channel shall not be understood or construed for any other purpose except for entertainment purposes only. #Tech #Electric #EVs