The BRICS alliance grew in numbers in 2023, with multiple nations being invited to join the bloc and officially joining at the beginning of 2024. With more expansion expected in 2024, BRICS has the potential to not just raise its combined GDP, but have a bigger influence in the oil markets. In particular, the BRICS alliance now controls 47% of the world’s oil while the US holds only 2.1%. BRICS Nations Making Its Way Into Oil MarketFurthermore, BRICS founder China has taken significant strides in expanding its control over oil. Also Read: BRICS: China Stockpiling 1.39 Million Barrels of Oil Every DayOther BRICS nations, such as Russia and South Africa, have also begun making oil trades and deals without the US Dollar.

Source: Economic Times February 08, 2024 19:10 UTC