BRICS+ Series: BRICS and the Future of Oil Pricing: Ending the Petrodollar Monopoly

By Dr Iqbal Survé | Published Mar 10, 2025

The petrodollar system, which mandates that most oil transactions be made in U. S. dollars, has controlled the world oil market for decades. The dollar's standing as the world's reserve currency has been strengthened by this system, which has given the US a distinct kind of economic hegemony and enabled Washington to exercise considerable financial influence through tools like sanctions. But by lessening their reliance on the dollar, the BRICS countries are actively changing the global energy market.