Saudi Arabia is also part of BRICS and it also a big source of oil, maybe not bigger than Iran but it do have big resources
Saudi Arabia is bigger source than Iran. According to
2023 calculation Saudi Arabi products was 9,060,000 per day with top 3 position in world oil production countries while Iran is on number 8 with 3,140,000 bbl/day.
talking about Iran going against the US dollar is not something new, because back in time, NIOC has made many tries to avoid using US dollars but you know they were forced. Well, the same thing would have happened with Iran which happened with Iraq, but now they have taken the support of BRICS.
absolutely right. The National Iranian Oil Company (NIOC) has a history of exploring alternatives to the US dollar in its transactions which is also partly due to political issues.
Now, with Iran turning to BRICS for support, it shows a very goid move towards strategic partnerships. BRICS, comprising Brazil, Russia, India, China, and South Africa, offers an alternative economic alliance that allows Iran to reduce dependency on traditional Western channels.
Talking about Russia, even if they are a big source of oil and are good competitor of the USA, but still they might have to trade using US dollars while making trades with the US. Overall, I don't think US will be in any danger if these countries will starts to make deals in local currencies, that's because they ways to make deals in local currencies are full of difficulties and these difficulties will increase more by the ones who might be in danger due to this.
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You make a very valid point. While Russia is a significant oil source with
9,480,000 bbl / day and a somehow competitor to the USA, the use of US dollars in trade remains a usual practice. Shifting to local currencies faces challenges and we know that the complexities involved could act as a deterrent. Countries are trying to established the systems ,If they success then it will have some negative impact on US dollar but now nothing big will happen with USD.