By The Daily Hodl - 7 months ago - Reading Time: 2 minutes
Expanded BRICS To Command Over 40% of Global Crude Oil Output, Think Tank Dubs Move a ‘Warning’ to America
A Washington-based think tank believes that an expanded BRICS set to control a significant portion of global crude oil output is a shot across the bow for the United States.
In a new blog post, Atlantic Council’s Jonathan Panikoff says that the addition of new countries to the economic bloc is a sign of “shifting geopolitical winds.”
According to Panikoff, the United States should keep its friends closer amid the emergence of a multipolar world order.
“In the view of the BRICS states, including the newly invited members, reducing global US economic and financial leverage would create a more level playing field, while countries such as Iran would view it as a way to further reduce the impact of sanctions.
For Washington, it should be a warning: the need to strengthen and renew relationships with allies has never been more important. The emerging world might be multipolar, but some poles will be closer than others.”
Reuters reports that BRICS has approved the admission of Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates with dozens of countries looking to join the economic coalition. With the addition of six new nations, BRICS is poised to command more than 40% of global crude oil production.
BRICS is a group of economically aligned nations made up of Brazil, Russia, India, China and South Africa. The doubling of BRICS members is reportedly set to take effect in January 2024.
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Original source: The Daily Hodl