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Oil Exporters

All articles tagged with #oil exporters

energy-and-climate1 month ago•2 min saved

Oil exporters surge as Iran conflict lifts prices

The Iran-related disruption is lifting crude prices, making oil-exporting nations outside the Middle East—led by Russia—economic winners. Countries with large reserves like Norway, Canada, Nigeria, and Colombia benefit from higher earnings, while sanctioned Russian crude trades at a premium amid market disruptions. The White House says any price increases are temporary and expects prices to fall, but the global energy landscape remains volatile and evolving.

via Axios|

#energy-and-climate #energy-markets #iran-war

economics2 years ago•3 min saved

BRICS' Oil Exporters Shift to Local Currency Settlements, Challenging US Dollar Dominance

With major oil exporters such as Iran, Saudi Arabia, and the United Arab Emirates joining BRICS, analysts believe that a wider adoption of local currencies for trade among BRICS countries, rather than using the US dollar, is becoming more natural. This shift towards local currency settlements could reduce transaction costs and weaken the role of the US dollar as the global reserve currency. The trend of reducing holdings of US Treasuries has already emerged, with countries like Saudi Arabia and the UAE selling off significant amounts of US debt. The de-dollarization trend is seen as a response to the US' unilateral financial sanctions and the economic instability caused by unlimited quantitative easing and interest rate hikes.

via Global Times|

#brics #de-dollarization #economics