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BRICS Control 47% of Global Oil, U.S. Owns Just 2.1%
The US now needs to come up with initiatives and maintain its friendly ties with Saudi Arabia.
The Kingdom’s local currency, and the UAE’s currency, the Riyal and Dirham are pegged to the US dollar.
Therefore, Saudi Arabia and the UAE messing with the US dollar will only hurt their local currency which could impact their native economies.
@Stahesh Unpegging would have upfront impact, but tying it to some other stable system or... commodity would avoid any currency collapse. Debt, and money flow would be the primary issues in my mind. Governments can work around that domestically though.
@Stahesh They can unpeg at anytime.