Tech Revolution: 10-19-2023
If you’ve been following the world of powerful economies, then you’ve probably heard of the BRICS group. That’s the power-packed group of Brazil, Russia, India, China, and South Africa.
On August 24th, they decided the group needed a little expansion. They looked around and thought, ‘We need some more colors in this mix, and perhaps some extra strength too.’ And where did their eyes land? Right on MENA, which stands for the Middle East and North Africa.
And just a fun fact for you: this region is like the treasure chest of oil supplies. But here’s where it gets spicy: they’re rolling out the welcome mat for Argentina, Egypt, Iran, Ethiopia, Saudi Arabia, and the UAE.
That’s right, six heavy hitters joined the party. And when’s the grand entrance? On January 1, 2024.
So, as we toast to the New Year, these countries will be putting on their BRICS badges, making quite the entrance!”
China, a BRICS heavyweight, and the world’s second-largest economy has been a major player, helping BRICS account for about a quarter of the world’s total economic output. Flashback to 2022: BRICS raked in an eye-watering $25.9 trillion, making up 25.6% of the global economy.
Global dynamics are shifting, and with these new members, BRICS is aiming to be at the helm.
Stay tuned as we watch this new chapter unfold.
What’s BRICS aiming for in 2023 with their new team members? If you guessed they’re aiming for around $30 trillion, you’re right. They want to grab a big share of the world’s money, about 29%.
But there’s more to BRICS’ plan. They’re not just after making a lot of money; they want to become major players in global trade. Currently, they have a small slice of the world’s trade, about 20.2%. But next year, they’re planning to increase it significantly to 25.1%.
Along with the BRICS expansion, the oil game is getting a major shakeup. With the BRICS group inviting KSA, the UAE, and Iran onboard, we’re about to see some seismic shifts in the global oil scene.
As we’ve already mentioned, these new countries from the Middle East and North Africa have the upper hand as they have these vast oil supplies.
Think of it this way: they’re ramping up their piece of the global oil pie from a respectable 20% to a whopping 40%. That’s double the oil power. And for those who love their stats, the US Energy Information Administration vouches for this.
Here’s a spotlight on three oil giants from 2022: KSA, the UAE, and Iran. Together, these big players dominated, holding a combined 21% of the world’s oil in their grasp. And get this: among the trio, KSA was the superstar, flexing its muscles and delivering a whopping 13% all on its own. That’s right, 13%! And that’s not us just throwing numbers around; it’s straight from the Statistical Review of World Energy Data.
And speaking of the big players, let’s shine the spotlight on the KSA and Russia for a moment. These two powerhouses? They’re pouring out more than a quarter of the world’s oil. Now, that’s a dynamic duo.
But here’s where it gets even more intriguing. This supersized BRICS doesn’t just boast the big-time oil and gas exporters.They’ve got more cards up their sleeve. Enter China and India: the world’s oil consumers. Picture them at a grand feast, gobbling up oil like there’s no tomorrow.
Last year alone, these two giants had 30% of their enormous oil hunger quenched by just two suppliers – Russia and KSA. So, this isn’t just about new members in a group. It’s about reshaping the global energy map.
Keep your engines running and your eyes peeled, because the BRICS expansion might just change the way our world guzzles and trades oil. Alright, the world’s oil landscape might just be in for a big reshuffle.
With Iran and the UAE joining the BRICS+ team, there’s more than just economics at play. This move is a game-changer, pushing the BRICS+ influence into the strategic playground of oil geopolitics, as highlighted by Experts.
Ever heard of OPEC+? They’re like the grand council of oil-exporting nations. For years, many of its members have been under pressure, feeling the pinch of Western sanctions. They’ve seen investments and exports dwindle. With recent moves from the EU – like the ban on Russian crude oil and price limits – the pressure’s only mounted.
Instead of just limiting oil exports, these sanctions are now eyeing the revenue streams. But here’s the twist. Trading within BRICS just skyrocketed in importance. As tensions rise, the world’s energy landscape seems to be splitting in two: those who back the Western sanctions on Russia and those who don’t.
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