New Oil-Rich Middle Eastern Country Extends Support to BRICS
The BRICS alliance is gaining the support of oil-rich Middle Eastern countries in its aggressive global push towards de-dollarization. The bloc inducted oil exporting nations like the UAE, Egypt, and Ethiopia during the 15th summit in South Africa. It also invited Saudi Arabia to join the group but the Kingdom is yet to officially decline the offer.
Also Read: BRICS: Morgan Stanley Predicts the Future of the US Dollar
As of 2024, the BRICS alliance controls nearly 30% of all the global oil supply. BRICS received a boost in the arms after it inducted oil-exporting countries into the alliance. It is now looking to take control of the oil and gas sector and push local currencies for cross-border transactions. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for oil trade.
Also Read: BRICS: India Extends CBDC Payments to New Countries
BRICS: Oil-Rich Bahrain Extends Support to the Alliance
Oil-rich Middle Eastern country Bahrain has extended full support for the BRICS alliance. Despite not receiving an invitation to be a part of the bloc, Bahrain has always attended the summits and programs held by the group. Bahrain did not receive an invitation to be a part of the ‘Partner Countries’ either which was sent during the 16th summit.
Also Read: BRICS: India Provides Update on CBDC Currency
“We (Bahrain) take part in the BRICS Plus group’s activities. We always participate in all BRICS Plus meetings,” said the Middle Eastern nation’s Ambassador to Russia Ahmed Al Saati. The oil-rich nation is keen on supporting BRICS without being a part of the alliance. “This is an international association. An invitation should come from the organization itself. However, we have always been participating; we attended the Nizhny Novgorod event,” the Ambassador explained to Russian news outlet Tass.
The development indicates that emerging economies, including oil-rich nations, are keen on supporting BRICS. They find it to be an alternative to the Western-dominated global financial sector. This puts the Western hegemony at risk as developing countries are seeking alternative options to the US dollar.
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New Oil-Rich Middle Eastern Country Extends Support to BRICS
The BRICS alliance is gaining the support of oil-rich Middle Eastern countries in its aggressive global push towards de-dollarization. The bloc inducted oil exporting nations like the UAE, Egypt, and Ethiopia during the 15th summit in South Africa. It also invited Saudi Arabia to join the group but the Kingdom is yet to officially decline the offer.
Also Read: BRICS: Morgan Stanley Predicts the Future of the US Dollar
As of 2024, the BRICS alliance controls nearly 30% of all the global oil supply. BRICS received a boost in the arms after it inducted oil-exporting countries into the alliance. It is now looking to take control of the oil and gas sector and push local currencies for cross-border transactions. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for oil trade.
Also Read: BRICS: India Extends CBDC Payments to New Countries
BRICS: Oil-Rich Bahrain Extends Support to the Alliance
Oil-rich Middle Eastern country Bahrain has extended full support for the BRICS alliance. Despite not receiving an invitation to be a part of the bloc, Bahrain has always attended the summits and programs held by the group. Bahrain did not receive an invitation to be a part of the ‘Partner Countries’ either which was sent during the 16th summit.
Also Read: BRICS: India Provides Update on CBDC Currency
“We (Bahrain) take part in the BRICS Plus group’s activities. We always participate in all BRICS Plus meetings,” said the Middle Eastern nation’s Ambassador to Russia Ahmed Al Saati. The oil-rich nation is keen on supporting BRICS without being a part of the alliance. “This is an international association. An invitation should come from the organization itself. However, we have always been participating; we attended the Nizhny Novgorod event,” the Ambassador explained to Russian news outlet Tass.
The development indicates that emerging economies, including oil-rich nations, are keen on supporting BRICS. They find it to be an alternative to the Western-dominated global financial sector. This puts the Western hegemony at risk as developing countries are seeking alternative options to the US dollar.
Read More