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. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check Latest News Headlines Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility.
Source : [Expanded BRICS To Command Over 40% of Global Crude Oil Output, Think Tank Dubs Move a ‘Warning’ to America](dailyhodl.com/2023/09/01/expanded-brics-to-command-over-40-of-global-crude-oil-output-think-tank-dubs-move-a-warning-to-america/) by Henry Kanapi - The Daily Hodl by Henry Kanapi / September 01, 2023