Saudi Arabia announced a massive discovery of oil and gas deposits in the Eastern Province of the Kingdom on Monday. The Kingdom discovered seven oil and gas deposits which include “two unconventional oil fields, a reservoir of light Arabian oil, two natural gas fields, and two natural gas reservoirs”, SPA reported. The discovery comes at a time when the 50-year petrodollar agreement ended. The discovery of new oil and gas deposits in Saudi Arabia boosts the prospects of the BRICS alliance.
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Energy Minister Prince Abdulaziz bin Salman said the seven oil and gas deposits will further boost the Kingdom’s finances. BRICS is looking to control the global oil and gas sector and has invited Saudi Arabia to join the bloc. The Kingdom is yet to accept the invitation and is weighing the pros and cons of joining the alliance. If Saudi Arabia joins BRICS, the coalition will control 42% of the global oil and gas supply.
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BRICS: Seven Natural Oil and Gas Deposits Discovered in Saudi Arabia
The BRICS alliance could dictate the rules and change bilateral trade deals according to interests that suit their agenda. First and foremost, BRICS could begin settling oil and gas trade in local currencies and cut ties with the US dollar. Saudi Arabia joining BRICS will play a crucial role in uprooting the US dollar’s global hegemony in the oil and gas sector.
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Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. While two unconventional oil fields and one reservoir were discovered in Saudi’s Eastern Province, two natural gas fields and two reservoirs were found in the Kingdom’s Empty Quarter.
All eyes are now on Saudi Arabia and its decision to join BRICS. If the Kingdom becomes a part of the alliance, the oil and gas industry will experience a drastic change that favors developing countries.