ANALYSIS: Is BRICS Poised to Dethrone US in Global Oil Production?

BRICS could potentially dethrone the king dollar and diminish U.S. energy production.

Brazil's President Luiz Inacio Lula da Silva (L), China's leader Xi Jinping (2nd L), South African President Cyril Ramaphosa (C), Indian Prime Minister Narendra Modi (2nd R) and Russia's Foreign Minister Sergei Lavrov (R) pose at the BRICS Summit in Johannesburg on Aug. 23, 2023. Alet Pretorious/AFP via Getty Images

News Analysis

As the coalition of emerging market economies better known as BRICS (Brazil, Russia, India, China, and South Africa) has added six more members to the bloc, including Saudi Arabia, the debate in the summit fallout has concentrated on the future of the U.S. dollar as the world’s dominant currency.