BRICS Could Build Alternative Oil Market Beyond Dollar and Middle East Risks: SA Researcher
19:32 10.03.2026 (Updated: 20:36 10.03.2026)
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BRICS Could Build Alternative Oil Market Beyond Dollar and Middle East Risks: SA Researcher
BRICS countries could expand the use of national currencies in energy trade to reduce reliance on the US dollar and create new financial channels for oil transactions within the bloc, Tafadzwa Ruzive told Sputnik Africa.
“That will just stop all the chaos that we are seeing.”
He noted that the New Development Bank could help coordinate such efforts by encouraging currency swaps between BRICS members to support energy trade in local currencies.
According to the researcher, stronger financial coordination within BRICS could support the creation of a new oil trading structure less exposed to geopolitical disruptions in traditional global markets.
“So, an oil exchange in local currencies coordinated by the NDB, I think, that will be the full structure of an alternate oil setup,” he added.
BRICS countries could expand the use of national currencies in energy trade to reduce reliance on the US dollar and create new financial channels for oil transactions within the bloc, Tafadzwa Ruzive told Sputnik Africa.
“That will just stop all the chaos that we are seeing.”
He noted that the New Development Bank could help coordinate such efforts by encouraging currency swaps between BRICS members to support energy trade in local currencies.
According to the researcher, stronger financial coordination within BRICS could support the creation of a new oil trading structure less exposed to geopolitical disruptions in traditional global markets.
“So, an oil exchange in local currencies coordinated by the NDB, I think, that will be the full structure of an alternate oil setup,” he added.
