TFIGlobal
TFIGlobal
TFIPOST English
TFIPOST हिन्दी
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
No Result
View All Result
TFIGlobal
TFIGlobal
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

The B in BRICS stands for Oil Barrels

Ansh Pandey by Ansh Pandey
August 28, 2023
in Geopolitics
The B in BRICS stands for Oil Barrels
Share on FacebookShare on X

For nearly a year, global attention was consistently directed toward news sources and articles that prophesied a substantial transformation looming over the world: The expansion of BRICS.

BRICS, a celebrated economic consortium of significance by virtue of its combined economic potency, enlists Brazil, Russia, India, China, and South Africa. The considerable populace and GDP of these nations collectively reconfigure worldwide commerce and fiscal systems. 

Also Read

Right after Russia’s Poland drone adventure, US lifts sanctions on Belarus airlines, is Trump abandoning EU?

Despite pressure from Trump, India rejects US oil opts for $200 mn deal with Nigeria instead

South Korea halts billion dollar US investments, Hyundai arrests shock Seoul as nations doubt US and Trump partnership 

Their abundant resource endowments, assorted marketplaces, and geopolitical sway act as a counterpoise to Western supremacy.

Centered on innovation, this nexus functions as a nucleus for commerce, capital infusion, and technological strides. This coalition epitomizes collaboration among nations of the Global South, presenting a substitute for established hegemonic dynamics and fostering a more polycentric global landscape.

BRICS has new Allies 

Last week, the long-anticipated development finally happened. The BRICS constituents extended an invitation to six additional nations to join the BRICS consortium starting in 2024, engendering a geopolitical equilibrium vis-à-vis the G7 and potentially erecting a structure to curtail reliance on Western fiscal frameworks.

The collective resolved to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates as full-fledged constituents of the assemblage, widely perceived as a counterbalance to Western dominion.

Source: VOA

At present, the BRICS consortium commands a notable 41 percent segment of the worldwide populace, underpinned by a 24 percent stake in the global Gross Domestic Product (GDP), accompanied by a consequential 16 percent interest in the global trading arena.

However, the revelation that six members will be joining the consortium, BRICS is very soon going to be a geopolitical phenomenon never seen before.

It’s all about Oil

With the integration of Saudi Arabia, the United Arab Emirates, and Iran, this expanded coalition engulfs within its ambit three of the most substantial purveyors of crude oil across the globe, which controls 42 percent of the worldwide oil supplies.

By amalgamating with their allied counterparts within the BRICS framework, the members thereof ascend to a commanding position, governing an astonishing 80 percent expanse of the overall global oil output.

Source: Iran Front Page

The management of the oil market shall continue under the jurisdiction of the Organization of the Petroleum Exporting Countries and its affiliated producers (OPEC+). However, looking ahead, an expanded coalition of BRICS nations could exert noteworthy influence over the energy markets.

For years, OPEC+ member states have consistently voiced their grievances concerning Western energy sanctions imposed on Iran and Venezuela, which have invariably restricted investment opportunities and the free flow of exports.

Read More: BRICS Expansion: Implications for Global Economic Balance

No More Sanctions by the West? 

More recently, the imposition of embargoes by the European Union (EU) on Russian maritime crude oil and petroleum products, coupled with EU-G7 directives on price ceilings, has made it more obvious that Western hegemony on energy markets has expanded way too much. 

Among the energy exporting nations, primarily, Iran and Saudi Arabia, a prevailing concern has emerged regarding the potential targeting of their interests by forthcoming sanctions tools. 

Source: iStock

An expanded group of BRICS countries would also benefit China and India. These nations have notably abstained from aligning with the “price cap coalition” that directs its focus towards Russia.

Expanding the BRICS alliance signifies the five global economic powerhouses seizing control of world energy dynamics. The ‘B’ in BRICS now symbolizes Oil Barrels—an unexpected and impactful move that catches the West off guard. 

Read More: BRICS: Brazil’s ambitious plan to shake up global politics

While a comprehensive analysis of this expansion is still underway, the initial implications hint at impending challenges for the US and Europe in energy negotiations. The geopolitical stage is set for a dramatic shift in energy influence, as these nations grasp the reins of global energy authority.

 

Tags: ArgentinaBrazilChinaEgyptEthiopiaEuropeIndiaIranRussiasanctionsSaudi ArabiaUAEUS
ShareTweetSend
Ansh Pandey

Ansh Pandey

Associate Editor, tfiglobalnews.com

Also Read

Trump says the Ukraine war will end fast if NATO does exactly what he tells them

Trump says the Ukraine war will end fast if NATO does exactly what he tells them. Is it Path to End the War or a Risk to Western Unity?

September 15, 2025
NATO has made Russia invincible, Ukraine war has helped Putin perfect his military exposing western weaknesses

NATO has made Russia invincible, Ukraine war has helped Putin perfect his military exposing western weaknesses

September 15, 2025
After drone threats Poland shaken by wrath of Oreshnik, Warsaw fears Putin’s anger for arming Ukraine

After drone threats Poland shaken by wrath of Oreshnik, Warsaw fears Putin’s anger for arming Ukraine

September 13, 2025
Right after Russia’s Poland drone adventure, US lifts sanctions on Belarus airlines, is Trump abandoning EU?

Right after Russia’s Poland drone adventure, US lifts sanctions on Belarus airlines, is Trump abandoning EU?

September 12, 2025
Despite US aid worth over $200 bn, Ukraine lobby celebrates killing of Charlie Kirk for anti Zelensky stance

Despite US aid worth over $200 bn, Ukraine lobby celebrates killing of Charlie Kirk for anti Zelensky stance

September 12, 2025
Despite pressure from Trump, India rejects US oil opts for $200 mn deal with Nigeria instead

Despite pressure from Trump, India rejects US oil opts for $200 mn deal with Nigeria instead

September 11, 2025
Youtube Twitter Facebook
TFIGlobalTFIGlobal
Right Arm. Round the World. FAST.
  • About Us
  • Contact Us
  • TFIPOST – English
  • TFIPOST हिन्दी
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy

©2025 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIPOST English
TFIPOST हिन्दी

©2025 - TFI MEDIA PRIVATE LIMITED

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.