Will BRICS Change The World?

 Iran and Saudi Arabia were among six countries invited on Thursday to join the BRICS bloc of developing economies in a move that showed signs of strengthening a China-Russia coalition as tensions with the West spiral higher. The United Arab Emirates, Argentina, Egypt, and Ethiopia were also set to enter BRICS from Jan. 1, 2024, joining current members Brazil, Russia, India, China, and South Africa to make an 11-nation bloc. Will their increased power allow them to change the world as we know it?

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>>>...