Expanded BRICS Threaten Western Nations' Dominance: Here's What Numbers Say
Portfolio Pulse from Shanthi Rexaline
The BRICS nations are set to expand their membership, potentially posing a threat to Western-dominated institutions. The expanded BRICS will account for significant portions of global GDP, population, exports, and oil production. The inclusion of Argentina and Middle Eastern countries will strengthen BRICS' position in lithium and oil production. The United States Oil Fund, LP (NYSE:USO) ended Friday’s session up 1.46% at $72.45.
August 26, 2023 | 9:47 pm
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NEUTRAL IMPACT
The expansion of BRICS, including major oil exporters, could impact the United States Oil Fund, LP (NYSE:USO).
The expansion of BRICS includes major oil exporters like Saudi Arabia, UAE, and Iran. This could potentially affect global oil prices and, in turn, the performance of the United States Oil Fund, LP (NYSE:USO). However, the exact impact is uncertain and will depend on various factors, including geopolitical developments and global oil demand.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75