51 years of the PetroDollar died yesterday. Literally.
BRICS expanded yesterday to include 6 new, important members.

Oil powers Saudi Arabia and the United Arab Emirates have been invited to become members of the BRICS group of developing nations in its first expansion in over a decade.

Also invited are Iran, Egypt, Ethiopia and Argentina, South African President Cyril Ramaphosa said Thursday as he wrapped up the annual summit of the group in Johannesburg.

Saudi Foreign Minister Prince Faisal bin Farhan said the kingdom was awaiting details from the BRICS group on the nature of the membership, and would take an “appropriate decision” accordingly.

All six countries invited had already expressed an interest in joining. The BRICS group currently includes Brazil, Russia, India, China and South Africa.

“The membership will take effect from the first of January, 2024,” Ramaphosa said.

Saudi Arabia, UAE, and Iran combined with Russia are basically the largest oil exporters in the world.
China, India, and South Africa, combined with Egypt and Ethiopia are the largest oil importers on two continents. China is the biggest enegy importer in the world.

There are calls for a new BRICS currency, which may or may not happen. That would be huge, but it won't happen soon.
What WILL happen is that the BRICS bank will trade in local currencies.

A development bank formed and led by the BRICS economic coalition is approaching de-dollarization from a debt angle, with plans to reduce dollar-denominated lending.

The Shanghai-based New Development Bank is instead focusing on the use of BRICS currencies, such as South African, Brazilian, and Indian tenders.

"We expect to lend between $8 billion—$10 billion this year," NDB President Dilma Rousseff told The Financial Times."Our aim is to reach about 30%of everything we lend . . . in local currency."

Already, NDB has issued its first South African rand bond in mid-August, which attracted 2.67 billion rand of bids, Reuters reported. More recently, the bank announced plans for an Indian rupee bond in October, though provided no specifics on the program's size.

Russia, China, Iran and India already trade energy in local currencies. Saudi Arabia has also expressed interest. Plus rising interest rates in the U.S. is crushing economies in developing nations.

In response to what can plainly be seen, the Fed’s Bill Dudley writes today that the multi-decade bull market of US Treasuries is dead. Say, “Good-bye,” he says. It won’t be back for a loooong time.

For now the U.S. dollar remains the world's reserve currency, but those days are numbered.