World’s largest Oil producers poised to join BRICS alliance

World's largest Oil producers poised to join BRICS alliance World's largest Oil producers poised to join BRICS alliance
A person walks past the Sandton Convention Centre, which will host the upcoming BRICS Summit, in Johannesburg, South Africa August 19, 2023. REUTERS/James Oatway/File Photo

The BRICS alliance, made up of Brazil, Russia, India, China, and South Africa, is on the verge of a major expansion as six of the world’s largest oil producers are being invited to join the group.

World's largest Oil producers poised to join BRICS alliance
A person walks past the Sandton Convention Centre, which will host the upcoming BRICS Summit, in Johannesburg, South Africa August 19, 2023. REUTERS/James Oatway/File Photo

This significant shift is set to have far-reaching implications in the energy landscape, as well as geopolitical and economic spheres. With Argentina, Egypt, Iran, Ethiopia, Saudi Arabia, and the United Arab Emirates poised to become new members, the dynamics of the global oil market are expected to undergo a seismic transformation.

The decision to invite these six oil-producing countries to join the BRICS alliance was announced by South African President Cyril Ramaphosa at a three-day summit in Johannesburg.

While the idea of expanding the bloc has gathered support from all existing members, there have been differences in opinion regarding the extent and speed of expansion.

The inclusion of these oil-rich nations in the BRICS alliance is significant for several reasons. First and foremost, it will bolster the group’s global influence in the oil market.

These new members account for a significant portion of the world’s oil production, and their inclusion will solidify the BRICS alliance as a major player in the industry. This enhanced influence will surely have implications for global energy security, pricing, and supply.

Furthermore, the addition of these oil producers will also bring economic benefits to both the BRICS alliance and the new members themselves. By aligning themselves with this powerful bloc, these countries will gain access to a broader range of trade and investment opportunities.

This can lead to increased economic growth, job creation, and improved infrastructure development in these nations. Additionally, the BRICS alliance can benefit from the wealth of natural resources possessed by these new members, thereby strengthening the alliance’s overall economic standing on the global stage.

From a geopolitical perspective, the entry of these oil producers into the BRICS alliance will significantly alter the balance of power. The alliance will now have a greater say in shaping international oil policies and energy security frameworks.

This will undoubtedly impact existing global alliances and partnerships, as countries seek to realign their strategies and alliances in response to these changes.

The inclusion of Saudi Arabia and Iran, for example, two major oil-producing countries with longstanding geopolitical tensions, raises questions about how their presence within the same alliance may influence regional dynamics and power balances.

Brazil’s Lula supports inclusion of African Union in G20

Brazil's Lula supports inclusion of African Union in G20
President of Brazil Luiz Inacio Lula da Silva attends the plenary session during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg, South Africa August 23, 2023. GIANLUIGI

Brazil’s former President Luiz Inacio Lula da Silva, commonly known as Lula, has shown his support for the inclusion of the African Union in the Group of 20 nations. Lula made this statement during a recent news conference in Johannesburg, where he expressed the collective support of BRICS countries for this decision.

The G20, established in 1999, is an international forum that brings together 19 of the world’s most influential economies, including the United States, China, Japan, Germany, and Brazil, along with the European Union. The forum aims to promote international economic cooperation and global financial stability. It has emerged as a significant platform for addressing pressing global issues, such as climate change, trade tensions, and the COVID-19 pandemic.

Lula’s endorsement of the AU’s inclusion in the G20 underscores the growing recognition of Africa’s importance on the global stage. With its rich resources and rapidly expanding population, the continent has immense potential for economic growth and development. By including the AU in the G20, the forum can benefit from Africa’s diverse perspectives and expertise, ensuring that the voices of African nations are heard and considered in global decision-making processes.

Lula’s support for the AU aligns with Brazil’s longstanding commitment to promoting South-South cooperation and strengthening ties with African countries. Brazil has a history of engaging with African nations through various initiatives, such as trade partnerships, investment projects, and technical cooperation programs. Lula’s endorsement further demonstrates Brazil’s desire to deepen its engagement with Africa and foster closer collaboration on common challenges and opportunities.

Inclusion of the AU in the G20 could bring several benefits to both sides. For the G20, it would offer a broader representation of global perspectives and enhance the forum’s legitimacy. The AU, on the other hand, would gain a platform to articulate the interests and priorities of African nations, thereby facilitating greater African involvement in shaping global governance and decision-making processes. Moreover, this move could also foster stronger partnerships between the G20 nations and Africa, leading to increased trade, investment, and development cooperation.

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