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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 Source: Adobe Stock Oil-rich Middle Eastern country Bahrain ...

Saudi Arabia was well-known as the largest Oil producer in the world and dominated the larger share of the market. The Kingdom remained the de facto country for Oil and was the biggest supplier to Europe, Asia, Africa, and the US. However, the State-run refinery Saudi Aramco announced that it is halting extending Oil outputs early this year. The Middle Eastern country was looking at other revenues to boost its GDP and not solely rely on Oil production. Also Read: BRICS Urges Middle East To Ditch US Dollar For Oil Trade It has now succeeded in its mission as non-oil revenue hit 50% of Saudi Arabia’s GDP for the first time. The Ministry of Economy and Planning revealed that other sectors generated half of the nation’s GDP in 2023. The diversification of its economy is an important step as the usage of oil is experiencing a slight decrease globally. The introduction of electric vehicles (EVs) was the first blow to the global oil production and supply units. Non-...