5 Oil Producing Nations Ask To Join BRICS Alliance

Cat:

Related stories

PDP’s BoT Flays Damagum, Says NEC Meeting Holds, Voids Anyanwu’s Reinstatement

By Kolawole Ojebisi The Board of Trustees (BoT) of the...

FG To Nigerians: New Tax Laws Won’t Come into Effect Until 2026

By Kolawole Ojebisi The Federal Government has stated that individuals...

Tinubu Inks Four Tax Bills Into Law

By Abiola Olawale President Bola Ahmed Tinubu has signed four...

Breaking Down Iran’s Oil Exports by Country

Who Buys the Most Iranian Oil? As tensions escalate...

Lagos: Sanwo-Olu Refutes Report, Probes Demolition of Peter Obi’s Brother’s Property

By Abiola Olawale The Lagos State Government has launched a...
  • Saudi Arabia, the UAE, Algeria, Egypt, Bahrain, and Iran have formally asked to join the BRICS group of nations.
  • BRICS will hold its annual summit in Cape Town during the first week of June.
  • Bloomberg: BRICS is expected to soon surpass the US-led G7 states in economic growth expectations.

By ZeroHedge 

Saudi Arabia, the UAE, Algeria, Egypt, Bahrain, and Iran have formally asked to join the BRICS group of nations as it prepares to hold its annual summit in South Africa.

In total, 19 nations have expressed interest in joining the emerging-markets bloc of Brazil, Russia, India, China, and South Africa, according to Anil Sooklal, South Africa’s ambassador to the group.

“What will be discussed is the expansion of BRICS and the modalities of how this will happen… Thirteen countries have formally asked to join, and another six have asked informally. We are getting applications to join every day,” the South African official told Bloomberg earlier this week.

BRICS will hold its annual summit in Cape Town during the first week of June. The foreign ministers from all five member states have confirmed their attendance.

Earlier this month, Bloomberg revealed that BRICS is expected to soon surpass the US-led G7 states in economic growth expectations.

Per their analysis, while G7 and BRICS nations each contributed equally to global economic growth in 2020, the western-led bloc’s performance has recently declined. By 2028, the G7 is expected to make up just 27.8 percent of the global economy, while BRICS will make up 35 percent.

The estimations came just a few weeks after the Deputy Chairman of Russia’s State Duma, Alexander Babakov, revealed that BRICS is working on developing a “new currency” that will be presented at the organization’s upcoming summit.
BRICS member states account for over 40 percent of the global population and around a quarter of the global GDP.

The interest from Global South nations to join the bloc comes at a time when more and more governments move away from the US dollar.

The greenback has become more unreliable for dollarized economies due to rising interest rates regulated by the US Federal Reserve (FED) and the bank’s weaponization of the dollar through financial sanctions. NB: The Cradle via Zerohedge.com

Culled from oilprice.com

The New Diplomat
The New Diplomathttps://newdiplomatng.com/
At The New Diplomat, we stand for ethical journalism, press freedom, accountable Republic, and gender equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high-quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Tinubu Inks Four Tax Bills Into LawBreaking Down Iran’s Oil Exports by CountryLagos: Sanwo-Olu Refutes Report, Probes Demolition of Peter Obi’s Brother’s PropertyAnyanwu: How Damagum's 'Unilateral' Decision Worsens PDP Crisis -- Kola Ologbodiyan2027: Barau Signals Readiness to Join Tinubu’s Ticket If Called UponDamagum Vs NWC : PDP Meets Monday To Resolve 'Self-Inflicted' Crisis, Says Bode GeorgeOluwatimileyin Ajayi Sentenced to Death for Murder of NYSC Member Salome AdaiduOma Djebah Mourns ex-Governor Cornelius Adebayo, Urges Govt to Immortalize himWhat Caused Air India Crash that Killed 270 People--- Report RevealsZamfara Killings: Nigeria Now At War, Prioritize Security Over Infrastructure Projects, Obi Tells TinubuI'll Leave PDP, Suswam Confirms2027: Coalition Planners Are IDPs Plotting To Unseat Themselves -- TinubuSenate In Shouting Match Over Confirmation Of Odey, A Non-indegene, As RSIEC ChairmanPDP Crisis Escalates: NWC Rejects Damagum’s Move to Reinstate Anyanwu, Challenges NEC DecisionZambia: Drama As Court Halts Ex-president, Lungu's Burial as War Between Hichilema and Lungu's Family Rages
X whatsapp