What OPEC And BRICS Just Announced Is About To Send The Entire Energy Market Into A Frenzy
What OPEC And BRICS Just Announced Is About To Send The Entire Energy Market Into A Frenzy
Tech Revolution: 10-2-2024
These days, the world is changing fast, especially when it comes to how countries are teaming up over energy. The partnership between BRICS and OPEC+?
Yes, it's shaking things up in a major way. With countries feeling the heat from Western sanctions and scrambling for energy security, this collaboration is becoming a really big deal.
BRICS and OPEC+ hold a massive chunk of the world’s energy resources. They’re not just playing the game—they’re flipping the script on the global economy.
So, here’s the scoop: Russian President Vladimir Putin recently made waves at the Russian Energy Week forum. He basically said that Russia’s energy sector is ready to hit its targets, despite what he called “illegal” Western sanctions. He pointed out that oil and gas sales make up about a third of Russia’s total state budget.
That’s huge, especially with everything going on in Ukraine. It’s what keeps the Russian economy going. Putin also touched on how teaming up with BRICS helps balance out Western influence. He said, “Russia fulfills its obligations to supply energy resources to the global market,” which shows how Russia is trying to stabilize things through groups like OPEC+ and the Gas Exporting Countries Forum. He made it clear that Russia is sticking close with OPEC+ oil producers, standing strong together against outside pressure
Despite the sanctions, Putin mentioned that 90% of payments for Russian energy exports come from “friendly” countries that haven’t slapped on sanctions. This really shows why a new energy strategy is needed, and he hinted that one could be coming soon to handle this changing landscape better.
Türkiye is really making moves in the BRICS alliance, and President Recep Tayyip Erdoğan is all in on it. He’s excited about the potential Türkiye could tap into by getting involved with groups like BRICS and ASEAN.
Erdoğan thinks this could shake up the regional landscape and maybe even kick off a new geopolitical structure. He also highlighted Türkiye’s strong connections with countries across Europe, Central Asia, and Africa.
Frustrated with how slowly things are moving in terms of joining the European Union, Türkiye has officially applied to join BRICS. Erdoğan is optimistic that this membership could open up fresh opportunities for economic cooperation and partnerships, especially beyond its usual Western allies.
If Türkiye does get into BRICS, it could really boost the bloc’s influence, thanks to Türkiye’s strategic location and deep historical ties. BRICS just got a major upgrade!
Now with new members like Iran, the UAE, Ethiopia, Egypt, and Saudi Arabia, the group is packing some serious power on the global energy stage. With these additions, BRICS now controls 42% of the world’s oil and gas reserves and a massive 72% of the world’s rare earth metals.
That’s a serious chunk of the world's critical resources! This kind of control means BRICS isn’t just a big player in energy anymore—it’s now a force to be reckoned with in industries that depend on rare earth metals and coal too.
This dominance gives BRICS the power to influence resource markets and challenge the rules that have been set by traditional Western institutions. The implications of this are huge, as BRICS positions itself as a real alternative to the usual economic heavyweights.
As BRICS continues to grow, it’s shaping up to be a solid alternative to the usual Western institutions like the World Bank and IMF. This group is all about pushing for a different economic model—one that’s focused on fair development and spreading resources more evenly.
And with the BRICS development bank in play, there’s potential for countries to find new financing options that help them sidestep traditional Western financial systems. That could be a total game-changer! You can really see the global power shift as BRICS starts making moves in the resource markets.
With such a huge chunk of the world’s energy resources under its belt, BRICS can score some great deals for its members. There’s even talk about BRICS exploring non-dollar transactions, which could seriously shake up the global economy and challenge the dominance of the U.S. dollar in international trade. If that happens, we’re looking at a major geopolitical shift!