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The US Petrodollar and the BRICS Nations

Introduction The term petrodollar refers to the system where oil is traded in US dollars, and the revenues generated by oil exports are held in dollars. This system was established in the 1970s, after the United States reached an agreement with Saudi Arabia, the largest oil exporter at the time. The petrodollar system helped the US maintain its position as the world’s dominant economic and military power. However, in…