... anymore.
The global financial landscape is witnessing a seismic shift as the United Arab Emirates (UAE) boldly moves away from the US dollar in its oil trade dealings. This strategic pivot aligns with the broader ambitions of the BRICS economic alliance, of which the UAE is a recent addition. The changeover,
involving the transition to local currencies for oil transactions, marks
a significant departure from the long-established dollar dominance in
the global oil market.
A hint: SMO plays a huge role here. They continue:
The BRICS Influence and UAE’s Strategic Shift: The
BRICS bloc, comprising Brazil, Russia, India, China, and South Africa,
recently expanded its membership to include the UAE, along with Saudi
Arabia, Egypt, Ethiopia, Iran, and Argentina. This
expansion signifies a growing inclination towards de-dollarization
among these nations, a move that challenges the traditional hegemony of
the US dollar in international trade.The
UAE’s decision to prioritize local currency over the US dollar in new
oil deals is a clear reflection of this sentiment. This move isn’t just a
mere policy shift; it’s a strategic maneuver in the complex chess game
of global economics. By
aligning with the BRICS nations, the UAE is not only diversifying its
economic partnerships but also reinforcing its position as a global oil
powerhouse.
No additional comments are needed. Game Over.
No comments:
Post a Comment