BRICS Scope and Monetary Might
Since its inception in 2006, BRICS has doubled its membership and seen explosive growth in trade, energy and economic presence on the global stage.
The leaders of 24 countries have confirmed their participation in the upcoming BRICS summit in Russian city of kazan, which will be dedicated to strengthening multilateralism for equitable global development and security.
This year began with the accession of new members to the BRICS group of emerging economies. In addition to Brazil, Russia, India, China and South Africa, the group now includes Egypt, Ethiopia, Iran and the United Arab Emirates.
Saudi Arabia has not formally joined, but has participated in BRICS meetings.
With the expansion of the association this year, the share of the BRICS in the global oil market has also increased significantly.
The BRICS countries now account for more than 40 percent of global oil production and about 40 percent of global consumption of oil products, Russian Energy Minister Sergei Tsivilev stressed in September.
Explore Sputnik’s infographic for more details!
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