Investing Future: Saudi Arabia EU and China BRICS Plan to Crush the US Economy? OPEC End Petrodollar?


Investing Future
Nov 17, 2022

Since Russia invaded Ukraine, Saudi Arabia has made clear that it is not going to change its oil policy. The Saudi leadership has repeatedly rebuffed requests from President Biden and leaders of oil-importing countries to accelerate production increases—a key factor behind the release of strategic oil stockpiles by the US and its allies in the IEA. Recent monthly meetings of the OPEC+ group have taken less than 15 minutes to agree on a continuation of the plan put in place last year. A large diversion of Russian oil to India—and a corresponding reduction in Indian purchases of Saudi oil—hasn’t elicited a public comment from Saudi oil officials even though Aramco tends to guard jealously its market share among large Asian growth markets.

Saudi relations with the US are at a low point, and the OPEC+ partnership with Russia has paid big dividends for the Kingdom. With higher oil prices, Saudi GDP grew by an annualized rate of 9.6% in the first quarter—the fastest pace in over a decade. The Kingdom and its regional allies have abstained—or voted against—US and European initiatives at the UN aimed at isolating Russia.

So, oil consumers under duress need to look elsewhere for relief.

The BRICS members have collectively attempted to disrupt the US dollar’s dominant position in the current global reserve currency structure through promoting the reform of the IMF’s SDR and supporting the renminbi’s inclusion into the SDR basket. These initiatives are part of the BRICS’ broader efforts to reform the existing multilateral international financial institutions.

Chinese officials had expressed China’s interest in restructuring the global reserves currency structure and advocated for giving the SDR a greater role several months before the first BRIC summit. In March 2009, the PBoC Governor, Zhou Xiaochuan, called for making the SDR into a “super-sovereign reserve currency”. Later, the United Nations (UN) echoed Zhou’s idea and proposed establishing a new Global Reserve System based on the IMF’s SDR. The UN proposal stated:

EU Opposes US Dollar.

French officials have for a long time advocated for strategic independence, the idea that the EU needs to be more independent from the US, for instance, by supporting its own industry. Last month, French President Emmanuel Macron suggested that the EU should also look at a “Buy European Act” to protect European carmakers.


“We need a Buy European Act like the Americans, we need to reserve [our subsidies] for our European manufacturers,” Macron said in an interview with broadcaster France 2.

The US dollar’s supremacy and US global leadership have been increasingly questioned since the 2008 global financial crisis, The fact that this crisis originated in the United States raised concerns about the reliability of US leadership and the rationality of preserving the dollar’s hegemonic position in the global financial system.

Despite the breadth of the BRICS countries’ financial cooperation and their growing interconnectedness, BRICS’ activities in the monetary realm have been understudied.

A “strong BRICS” is poised to destroy the Petrodollar’s hegemony;

Brazil, Russia, India, China, and South Africa are the five main emerging economies that make up the influential group known as BRICS; The group accounts for roughly 16% of global trade, 24% of the global GDP, and 41% of the world’s population; Since the organization’s founding in 2009, all of the member nations have held yearly meetings; The 14th BRICS annual summit was largely held in China this year;



If you wish to contact the author of any reader submitted guest post, you can give us an email at and we’ll forward your request to the author.

All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.

Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.

Copyright © 2022 Dinar Chronicles



Please enter your comment!
Please enter your name here