BRICS expanding into economic powerhouse: Petrodollar under threat

In its South Africa summit, BRICS invited six new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. The bloc now represents 37% of global GDP (PPP), 40% of global oil production, and roughly 1/3rd of global gas production, challenging the US petrodollar system. Ben Norton analyzes the importance of the meeting. Related videos: -- BRICS debates mission at summit: Challenge West’s G7 or be neutral?: -- How a US debt trap in Argentina is fueling inflation, dollarization, far right: -- US pressures Saudi Arabia to sell oil in dollars, not Chinese yuan: Topics: 0:00 Introduction 3:21 Petrodollar under threat 7:51 BRICS makes up 40% of global oil production 9:00 BRICS makes up 1/3rd of global gas production 10:48 BRICS’ massive economic weight 12:09 Will Argentina join? 18:29 De-dollarization 20:46 Saudi-Iran peace 23:35 BRICS vs. G7 30:17 Xi’s speech 35:18 Putin’s speech 41:06 Lula’s speech 42:17 Lula calls for new BRICS currency 44:36 Lula warns of “green neocolonialism“ 45:26 Africa-Latin America cooperation 47:42 Ramaphosa’s speech 52:50 Venezuela 54:34 Cuba 55:37 Conclusion || Geopolitical Economy Report || Please consider supporting us at Patreon: Podcast: Newsletter: