Twilight..

 

With Iran, Saudi Arabia and the United Arab Emirates joining BRICS, the multilateral mechanism now includes major global oil producers and importers. Analysts said that a wider adoption of local currencies for trade among BRICS countries, rather than using the US dollar, seems more natural.

Six candidates - Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates - will be admitted as BRICS members on January 1, 2024, South African president announced on Thursday at the BRICS summit. Currently, BRICS members include Brazil, Russia, India, China and South Africa.

Having oil producers and consumers as members will set a foundation for BRICS members to use local currencies in settlement, which can definitely reduce transaction costs, adding that people are witnessing the twilight of the petrodollar.

This is OPIC Plus Currency. Just a thought.