In a landmark move, the top leaders of the BRICS nations on August 24, 2023, decided to admit Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates as full members of the grouping that is largely seen as a counterweight to Western powers.
According to Siasat Daily and Tasnim News Agency, the BRICS represents 41% of the global population, 24% of the global GDP and 16% of the global trade. After the joining of the six new countries, the BRICS members will control 80% of the total global oil production. Moreover, according to Tasnim News Agency, the inclusion of Saudi Arabia, the UAE, and Iran will significantly increase its weight in the oil market. Brazil and Russia collectively control 39% of the world’s total oil exports; equivalent to 17.1 million barrels per day.
However, the claim that BRICS controls 80% of the world's oil production is incorrect. According to the BP Statistical Review of World Energy 2023, the current BRICS members (Brazil, Russia, India, China, and South Africa) control a combined 28.7% of the world's oil production. This is a significant amount, but it is not 80%.
The claim that BRICS will control 80% of total oil production originates from Tasnim News Agency. The article stated that the BRICS countries would control 47.6% of the world's oil production after the addition of six new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. However, this expansion has not yet taken place, and it is not clear when or if it will happen.
Even if the BRICS did expand to include these six countries, it is unlikely that they would control 80% of the world's oil production. The world's top oil producers are currently the United States, Saudi Arabia, Russia, and Iran. None of these countries, expect Russia, are currently members of BRICS.
While it is possible that the BRICS countries could become more important players in the global oil market in the future, it is unlikely, however, that they will ever control 80% of the world's oil production.
Realistically speaking, The BRICS countries are not united on the issue of oil production. The BRICS countries have different interests when it comes to oil production. For example, Russia is a major oil producer, while China is a major oil importer. This difference in interests could make it difficult for the BRICS countries to agree on how to control oil production.
Furthermore, the BRICS countries are not the only players in the oil market. The United States, the European Union, and other countries are also major players in the oil market. These countries would not be willing to give up control of oil production to the BRICS countries.
Overall, it is unlikely that the BRICS will ever control 80% of oil production. However, the BRICS countries are still important players in the global oil market, and they are likely to play an increasingly important role in the future.