BRICS Doubles Share of Global Oil Production In Welcoming Six New Members at BRICS Summit in S. Africa The highly-anticipated BRICS Summit has come to an end, and the petrodollar isn’t far behind it. https://themcgwire.substack.com/p/brics-doubles-share-of-global-oil In a HISTORIC move, BRICS has added 6 countries to the group — Egypt, Ethiopia, Argentina, UAE, Iran, and Saudi Arabia/ It was initially spread throughout today that with the new members, BRICS now controls 80% of the global oil market in terms of production. This is wrong. I am not sure where this figure originated from, but in the process of writing this article, and trying to verify it, I have discovered all the large accounts promoting the figure do not source this claim, and the Telesurenglish article that threw that figure out was doing so by embedding one of these accounts on twitter (https://www.telesurenglish.net/news/Arab-League-Congratulates-Arab-Countries-for-BRICS-Membrecy-20230824-0012.html) To put it bluntly, it seems someone pulled it out of their ass and it was amplified and boosted without people verifying. Sprinter’s tweet (https://twitter.com/Sprinter99800/status/1694702478359445960) along with many other racked up millions of views, which claimed BRICS now controls 80% of global oil production, and 30% of the GDP. So what does the real data say? Well, the 30% GDP was true before the 6 members were added. Just the BRICS core members accounted for 32% of global GDP. Now, according to President Lula, BRICS accounts for 37% of global GDP, and 46% of the global population. BRICS went from controlling 20% of global oil production, to 42% of global oil production - as reported (and actually sourced) by THINK in “BRICS Expansion: The Saudi Surprise Adds Momentum to the De-dollarisation Debate”, (https://themcgwire.substack.com/p/brics-doubles-share-of-global-oil)That is still a very large leap, 20 to 42%,, and a very large chunk of the global oil trade... A twitter user pointed out that according to 2022 data, the new BRICS members now account for over 50% of global oil exports(as opposed to production). Of course, this expansion of BRICS control over the oil market directly threatens the petrodollar, and thus, the US dollar. All the while, de-dollarization marches on, as BRICS leaders announced that the focus over the next year for finance ministers would be to “consider the issues of local currencies, payment instruments and platforms”. .... If the reader of this article does not realize why this rally around BRICS is happening, why allies are turning away from us towards Russia and China, I refer you to my article from a year and a half ago that predicted the rise of BRICS (https://themcgwire.substack.com/p/us-hegemony-threatened-as-saudis-uae-india-ignore-threats-of-sanctions-turn-to-russia-china-9473f26a6342). ????Source: TheMcgWire https://themcgwire.substack.com/p/brics-doubles-share-of-global-oil #BRICS #BRICSSummit #News #politics #Geopolitics #economy #Currency #Brazil #Russia #India #China #South Africa