The advance of Brics, also known as the partnership of the emerging economies, is continuing with the six new members. After the expansion, almost half of the world’s population lives in a Brics country, and the bloc together produces 43 percent of all oil.
Brics, the partnership founded in 2009 as an alternative to the G7, is catching up on more and more fronts with the traditionally more powerful economic bloc of rich Western countries (and Japan). With the latest expansion, the block also becomes a heavyweight on the oil market.
A new acronym has yet to be found, but the Brics alliance between Brazil, Russia, India, China and South Africa admits six new countries. The lucky ones (because there were forty interested parties, reported the Reuters news agency) are Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates.
The Brics economies collectively were already larger than the G7 (consisting of the US, UK, France, Italy, Germany, Japan and Canada). In 2022, the Brics countries already accounted for 32 percent of global GDP (adjusted for purchasing power), the G7 just over 30 percent. With the new members, Brics comes to 39 percent.
40 percent of all world citizens already live in a Brics country, the majority of which in China and India. After the enlargement, that will be 46 percent. Inhabitants of the G7 together make up less than 10 percent of the world’s population.
The Brics countries are taking the biggest hit on the energy market. The bloc’s combined oil production more than doubles with the expansion, to a 43 percent share of the world market. That is even more than the traditional oil alliance Opec, good for 36 percent. This is mainly due to newcomer Saudi Arabia, which will soon be a member of both Opec and Brics: that country accounts for 13 percent of global oil production.
