The expanded BRICS will control 45% of the world’s oil. Right now, it only controls 23%, according to the Brazilian Petroleum and Gas Institute.
The original BRICS group includes Brazil, Russia, India, China, and South Africa.
By 2024, six more countries will join: Argentina, Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, and Iran.
The BRICS summit in Johannesburg announced this expansion. This growth will bump the group’s share of global oil production to 45%, up from 23%.
China’s rising influence is evident in these numbers, says the institute. The expanded BRICS will cover 46% of the world population and 36.6% of global GDP.
Saudi Arabia alone adds 13% to global oil production, nearly matching Russia. The United Arab Emirates and Iran contribute another 8%.
They outproduce Brazil but are notable for their gas output. Specifically, Iran accounts for 6% of global gas.
The enlarged BRICS will control 36% of the world’s natural gas production. Within this, Russia holds a 15% share.
Brazilian President Luiz Inácio Lula da Silva stated the new inclusions were based on geopolitical significance.
Notably, three new members belong to OPEC, which controls global oil prices.
BRICS won’t function like OPEC but will gain a stronger voice, says Roberto Ardenghy, President of the Brazilian Petroleum and Gas Institute.
He thinks the expansion will let BRICS address complex issues like energy transition. This could benefit developing nations, many of which still depend on fossil fuels.
BRICS was first formed in 2009. The original members were Brazil, Russia, India, and China. South Africa joined in 2010.
The group’s goal was to give emerging economies a stronger voice. They wanted to be more influential in world economics and politics.
In the past, the West controlled global talks. Groups like the G7 held the power. BRICS wanted to change that.
This expansion is another step in that direction. Now, with more countries and more resources, BRICS is becoming a force that can’t be ignored.