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Amid the recent BRICS expansion and the bloc’s de-dollarization approach, the US and Europe may soon require local currencies in order to buy oil. Indeed, the past 29 de sept. de 2025 The BRICS bloc of emerging economies will not control 80% of world oil production after an expansion that was agreed upon in August 2025, contrary to posts on New York, Oct 15 (IANS) With the BRICS emerging as a major trading bloc with its expansion of six more countries, including Saudi Arabia, since the last South African meet, question Now, following the BRICS six-country expansion, experts have predicted that the decision will eliminate USD from the oil trade. The bloc added Saudi Arabia, Iran, the

Will BRICS Expansion Eliminate USD from Oil Trade? Experts Weigh In

The question on everyone's mind: Now, following the BRICS six-country expansion, experts have predicted that the decision will eliminate USD from the oil trade. Is the dominance of the US dollar in the global oil market nearing its end? Recent developments within the BRICS alliance suggest a potential shift in how oil is traded internationally.

BRICS De-dollarization and Local Currencies

Amid the recent BRICS expansion and the bloc’s de-dollarization approach, the US and Europe may soon require local currencies in order to buy oil. This move towards de-dollarization, fueled by the inclusion of major oil-producing nations, aims to reduce reliance on the US dollar and foster trade in local currencies. New York, Oct 15 (IANS) With the BRICS emerging as a major trading bloc with its expansion of six more countries, including Saudi Arabia, since the last South African meet, question.

The Impact of Saudi Arabia and Iran Joining BRICS

The bloc added Saudi Arabia, Iran, the major oil-producing nations to its ranks. This strategic expansion significantly increases the bloc's influence over the global energy market and accelerates the move away from USD-denominated transactions.

BRICS and Oil Production: Separating Fact from Fiction

It's important to note that The BRICS bloc of emerging economies will not control 80% of world oil production after an expansion that was agreed upon in August 2025, contrary to posts on Indeed, the past 29 de sept. de 2025. While the expanded BRICS represents a considerable portion of global oil production, claims of controlling 80% are inaccurate. However, even a significant, but smaller, percentage allows for considerable influence.

What Does This Mean for the Future of Oil Trade?

The BRICS expansion represents a significant challenge to the established global financial order. While complete elimination of the USD from oil trade may be a long-term goal, the trend towards de-dollarization is undeniable. The coming years will likely see an increase in the use of local currencies and alternative trading mechanisms within the BRICS and its trading partners, potentially reshaping the landscape of international oil trade.

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