The addition of these six oil-producing countries to the BRICS is significant because it gives the bloc a major voice in global energy markets. The BRICS countries account for over 40% of the world’s oil production and over 30% of the world’s oil consumption. This gives them a significant amount of power to influence the price of oil and the global economy.
The announcement came after two days of talks Aug. 22-24 at a summit in Johannesburg involving Brazilian President Luiz Inácio Lula da Silva, Indian Prime Minister Narendra Modi, Chinese President Xi Jinping, and South African President Cyril Ramaphosa. Russian President Vladimir Putin participated in the discussions virtually.
Brazil’s President, Luiz Inacio Lula Da Silva, confirmed the
development at this week’s BRICS Summit. Additionally, the bloc
announced its agreement to expand. Changing the geopolitical landscape,
the alliance is set to welcome the six additional countries by 2024....<<<Read More>>>...