More than a dozen countries worldwide have decided to restrict or completely prohibit transactions in US dollars as a protest against its hegemony in the commercial sector.

The US currency faces various initiatives, such as the BRICS group, to achieve the dedollarization of global transactions. In this regard, countries such as Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan, and Ukraine, as well as China, Iran, North Korea, and Cuba, have taken restrictive measures against the dollar.

The reasons these governments cite for moving away from the dollar include adopting local currencies in trade transactions, which strengthens their own currencies, as well as reducing exposure to international sanctions.

It is clear that nations that have limited or prohibited the use of the US dollar seek to free themselves from dependence on its use in trade, in addition to promoting the diversification of reserves into other assets, such as gold.

M.Pino

Source: cronista

(Reference image source: Frederick Warren on Unsplash)

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Starting next October, the Organization of the Petroleum Exporting Countries (OPEC+) will increase production to 137,000 barrels per day, according to eight members at a virtual meeting last Sunday, September 7.

Thus, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman agreed to this production increase following the “voluntary adjustments of 1.65 million barrels, which were previously implemented in April 2023.”

Representatives of these eight nations indicated that the 1.65 million barrels of crude oil per day “will be gradually subject to changing market conditions.” The governments will closely monitor market conditions, maintaining a cautious and flexible approach.

They reiterated their “collective commitment to act in full compliance with the Declaration of Cooperation, as well as the voluntary production adjustments that will be evaluated by the Joint Ministerial Monitoring Committee.” They will hold another meeting on October 5 to review the international market.

M.Pino

Source: notitarde

(Reference image source: Bidder Karim on Unsplash)

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La entrada OPEC+ agreed to increase production to 137,000 barrels per day in October apareció primero en Bitfinance.

The recent decision by eight OPEC+ members to maintain the increase in crude oil production in May led prices to extend their previous losses.

On Thursday, April 3, Russia, Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, Algeria, Kazakhstan, and Oman decided to maintain the increase in production in May, at 411,000 barrels of oil per day.

“Oil prices, which had already lost more than 4 % following US President Donald Trump’s announcement of imposing tariffs on his trading partners, deepened their decline,” the statement said. On the other hand, OPEC+ also announced that there will be another 3.65 million bpd in production cuts through the end of 2026 to support the market.

The eight OPEC+ members had considered increasing production by 135,000 bpd next month “as part of a plan to gradually unwind their most recent layer of cuts.”

However, at last week’s virtual meeting, they approached their decision differently. Upon learning of the measure, OPEC justified the decision by citing “the continuation of healthy market fundamentals and the positive market outlook,” which “includes the increase originally planned for May, in addition to two monthly increases.”

The eight member countries will meet again on May 5 to decide on the production quota for the month of June.

M.Pino

Source: finanzasdigital

(Reference image source: Christian Harb on Unsplash)

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La entrada OPEC+ members agreed to increase production apareció primero en Bitfinance.

The BRICS group, through the Ministry of Foreign Affairs of Brazil, announced its new members, which are: Cuba, Bolivia, Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda and Uzbekistan.

With the announcement made this Saturday, January 18, new alliances are established that fulfill the category of partner country, created at the XVI BRICS Summit, in Kazan, Russia, in October 2024.

“The new members have a lower position than the permanent members, but they have the possibility of participating in summits and thematic meetings.”

It is important to note that negotiations to accept new members began in 2023 by the group originally made up of Brazil, Russia, India, South Africa and China.

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Source: vocesdelsur

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La entrada Brazil announced new members of the BRICS apareció primero en Bitfinance.