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Not every country is falling in line with the BRICS agenda of replacing the US dollar with local currencies for oil. Settling oil payments in local currency poses a significant risk that can affect a country’s foreign exchange reserves. Oil settlements have been historically paid in the US dollar as the currency controls the global flow of the sector. Also Read: India Conveys to BRICS: ‘We Will Not Ditch the US Dollar’ Even Saudi Arabia, which announced that it would accept local currencies for oil payments has only been receiving the US dollar for transactions. Only a few trades have been settled in local currencies while the majority of them are backed by the greenback. BRICS is finding it hard to convince other countries to use local currencies for oil trade and not the US dollar. Also Read: BRICS to Launch Gold-Backed Stablecoin To Challenge the US Dollar? BRICS: Nigeria Rejects Local Currency for Oil, Wants the US Dollar Source: seekingalpha.com / Arseniy45 Oil marketers and ...

The BRICS alliance has surpassed the US in gas trade to Europe for the first time in almost two years. BRICS member Russia is the top supplier of LNG gas to Europe and outperformed the US despite facing sanctions. The spike comes despite Europe trying to limit its dependency on Russian oil but several countries in the eastern European region rely heavily on imports from the country. This makes Russia the top supplier of LNG gas supplier to Europe elbowing the US in global trade deals. Also Read: BRICS: HSBC Predicts How Long US Dollar Will Remain Global Currency JUST IN: Russia surpassed the United States in supplying gas to Europe in May, despite efforts to reduce reliance on Russian gas. pic.twitter.com/IiMVp0lj6z — BRICS News (@BRICSinfo) June 16, 2024 The development comes when BRICS is looking to topple the US dollar as the world’s reserve currency. The bloc aims to control the global oil and gas sector to bring the US dollar down. Read here to know ...

Not Saudi Arabia or Russia, the U.S. is now the largest producer of oil and gas in the world. The U.S. Oil production is shattering records in 2024 breaking all the barriers that held it back. While Middle Eastern countries are cutting on production, the U.S. output increased post-2020 making it the market leader. The U.S. oil production is now 1.4% higher in 2024 than last year’s record pace. In addition, U.S. natural gas production is 1.1% higher than a year ago in May 2023. America is now producing more oil than any other country has in history directly challenging the Middle East.  Also Read: BRICS: India & Nigeria Finalize Major Partnership Ditching US Dollar U.S. Oil and Gas Production: Records Shatter in 2024 Source: seekingalpha.com / Arseniy45 The average U.S. Oil production last year in 2023 stood at 2.93 million barrels per day (BPD). However, the same production output increased by a whopping 7.1% in 2024 to 13.12 million bpd.  Also Read...

The currency wars have intensified as Russia is reeling under the economic sanctions pressed by the White House. The Russia n local currency Ruble is depreciating against the US dollar dipping to 91.45 on Tuesday. The flow of foreign funds into Russia has dried up and the country is now looking at various options to lift its economy. One option that Russia ’s President Vladimir Putin is considering is that of revenge against America’s foreign policy. Also Read: BRICS: US Dollar Losing Dominance Against Kenyan Shilling After being re-elected as President, Putin urged the Middle East to stop accepting the US dollar as payments for Oil . His comments indicate a tit-for-tat outcome to America’s foreign policy that wreaks havoc on other countries’ economies. Putin stressed that if the Middle East stops accepting the US dollar for Oil , the USD currency will become irrelevant. “If Oil producers in the Middle East stop using the US dollar, it will be the e...

Commodity traders are betting on ‘Call options’ on Brent Crude claiming that Oil Prices are on the way to reach $110 per barrel. According to the bets, the Oil Prices may skyrocket in spring come March to April 2024. The bets on higher Oil Prices have now reached an amount equivalent to around 30 million barrels. Also Read: Pakistan Must Never Be Allowed To Join BRICS Under Any Situation: India Oil prices have maintained stability at $80 per barrel for weeks making gas cheaper and affordable in the US. The global prices have also remained steady with little disruption in the last two months. However, traders believe the momentum won’t last long, and a drastic price rise is on the cards. ‘Call options’ bet has sprawled across $110 to $130 per barrel and expires on May and June 2024, reported Bloomberg. These buyers would profit immensely if Oil Prices reach $110 per barrel and beyond making stellar profits. Also Read: BRICS: Russia & Iran...

The two biggest American Oil firms, Exxon Mobil and Chevron, reported strong earnings growth on Friday, despite low Oil prices. In the first three months of the year, Exxon made $11.4 billion in profit, which is an 11% decrease from the final quarter of 2022. Rival Chevron posted earnings of $6.6 billion, primarily due to its profitable fuel sales division. Chevron’s performance beat analysts’ forecast by 4.4%. Exxon, on the other hand, was anticipated to hit profits of $10.3 billion. Compared to the same quarter the previous year, Chevron’s net income increased marginally by 5%. Profits were also significantly higher than their quarterly average over the previous ten years.  Kathy Mikells, Exxon’s chief financial officer, stated, “It was a record first quarter coming after a record year and that’s despite the fact that energy prices came down.” The strong results coincide with recent drops in the price of petroleum and natural gas. The drop in Oil prices is attribut...