BRICS: U.S. Dollar Losing Dominance in the Global Oil Sector
The BRICS alliance kicked off the de-dollarization process by inducting oil-producing countries into the bloc. BRICS aims to control the global oil markets by using local currencies for trade settlements and not the U.S. dollar. The USD, which once had a strong footprint in the oil sector, seems to be losing ground currently. Developing countries are looking to end the stronghold of the dollar and are pushing to strengthen their native currencies. Also Read: BRICS GDP in Purchasing Power Parity Reaches 37% Of the Global Economy BRICS: U.S. Dollar on Shaky Grounds in the Global Oil and Gas Sector Source: asia.nikkei.com A recent report from JP Morgan on the de-dollarization process initiated by BRICS highlighted that the U.S. dollar is slowly losing dominance in the global oil sector. The research titled “De-dollarization: Is the U.S. dollar losing its dominance?” shows that the dollar is shaky in the oil and gas sector. Also Read: BRICS: China Aiming to Bring Down the U.S...