BRICS Is Up To Something HUGE, And The G7 Didn't See This Coming

BRICS Is Up To Something “HUGE“, And The G7 Didn't See This Coming! The BRICS group, which includes Brazil, Russia, India, China, and South Africa, is really making waves in the global economy. By 2024, they've added some new members, making them even more powerful. This is a big deal, especially with the growing demand for oil and rare-earth metals, which are super important for tech and energy. As the global economic scene changes, BRICS is stepping up as a strong alternative to the Western-dominated financial systems, looking to shake up how global trade works. If You Like This Video; Like, Share, Comment And Subscribe. This Means A Lot To Us! Thanks For Watching Our Video: BRICS Is Up To Something “HUGE“, And The G7 Didn't See This Coming As of 2024, the BRICS countries hold about 42% of the world's proven oil and gas reserves. That's around 1.5 trillion barrels of oil and 200 trillion cubic meters of natural gas, according to the BP Statistical Review of World Energy. This gives BRICS a huge advantage, letting them negotiate better trade deals and help stabilize global energy prices. Take Russia, for example. With its massive reserves, it's been key in influencing global oil prices through its OPEC involvement. In 2023, Russia was pumping out about 10.5 million barrels of oil per day, showing just how crucial it is in the energy market. This kind of collective bargaining power helps BRICS coordinate production better, potentially making global oil markets less volatile. BRICS isn't just about oil; they're also big players in the rare-earth metals game, holding a whopping 72% of the world’s reserves. The U.S. Geological Survey says China alone produces about 60% of the global supply of these elements, with Brazil and India also contributing significantly. These metals are essential for everything from electronics and renewable energy tech to military hardware. This dominance means BRICS can really impact global trade. By controlling such a large share of these critical resources, they can influence prices and ensure member countries have what they need for economic growth. This could shake up supply chains and reduce the influence of traditional suppliers like the U.S. and Australia. As the BRICS alliance gears up for its big summit in October 2024, oil and rare-earth metals are going to be hot topics. They're planning to talk about trade agreements that make it easier to exchange these vital resources among the member countries. They might also look at updating old geological trade deals to fit the current geopolitical scene. This focus on resource management shows that BRICS wants to be a major player in global resource governance. Leaders like Brazilian President Luiz Inácio Lula da Silva and Indian Prime Minister Narendra Modi are probably going to push for better cooperation in managing energy and mineral resources. Boosting trade among BRICS members in mineral resources is another big focus. By working together, they aim to keep supplies steady and prices stable. This teamwork can make the economies within the bloc stronger, helping them deal with resource shortages and market ups and downs. For instance, they could set up joint mining and exploration ventures, sharing tech and expertise. This would improve their mineral extraction and processing capabilities, making BRICS even more influential in the global market. Let’s switch things up and talk about how BRICS might shake up the U.S. dollar and what that could mean for the world of finance. One big move within BRICS is the potential shift away from the U.S. dollar in international trade. The alliance is looking into using their local currencies for transactions, and this could have major implications for the dollar. If BRICS pulls this off, it might reduce the dollar's dominance in global trade, which could lead to some economic challenges for the U.S. In 2023, about 30% of BRICS trade was done in local currencies, and this number is expected to climb. This shift could shake up the established financial order, as countries that usually rely on the dollar start looking for alternatives. The U.S. banking and finance sector could be hit hardest by BRICS moving towards local currencies. Financial institutions might have to adjust to a new world where dollar transactions aren't the standard anymore. This could mean less global lending and fewer financial transactions in dollars, forcing banks to rethink their strategies and risk management. In 2023, the International Monetary Fund reported that the U.S. dollar's share of global reserves dropped to 58%, down from 70% a decade ago. As BRICS nations get closer economically, the increase in foreign direct investment within the bloc could put even more pressure on the U.S. financial system. More Details In The Video