UAE Officially Moves Away From PetroDollar in Oil Trades

[Note: I’ve written often this year on the topic of the rise of the BRICS alliance, and its ambitions to displace the G7 as the most influential global trade organization. This ambition was already obvious as the year dawned, but gained increased emphasis with the group’s decision in August to dramatically expand its membership to include 6 additional countries, including Saudi Arabia, the UAE, Iran, Egypt, Ethiopia, and Argentina. This story illustrates the BRICS plan in action. Give it a read.]

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.