Keep your eye on BRICS. Whether they initially intended it or not, they're now the first multi-national co-op to have both the ability and motivation to move away from the PetroDollar.
Supposedly, Egypt, Turkey and Saudi Arabia are considering joining, which would obviously only strengthen BRICS's position in the petroleum market.
I have no clue how this will play out in any way, but it's certainly worth paying attention to.
The PetroDollar is a myth. People think that is what gives the USD its strength. It isnt. The global oil market pales in comparison to what I just outlined.
This is leftover from the idea that the USD only had value because of the Gold standard, so, since that was closed, it has to be something else commodity related.
As for the BRICs to do anything, they have to have the infrastructure.
After all, if it just took another currency, wouldn't the PetroYuan have taken off?
Over 4 years and still dead on arrival.
https://en.wikipedia.org/wiki/Petroyuan
To have a currency used internationally, there needs to be access. The CCP is not about to open up the flow of YUAN to the rest of the world. If it did that, capital controls are impossible.
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