BRICS Expansion: Oil Dominance Myths Debunked
The BRICS coalition of emerging economies is not set to control 80% of global oil production, as some social media posts suggest.
An expansion agreed upon in August 2023 will see Saudi Arabia, the United Arab Emirates, and Iran join BRICS, but estimates from energy experts indicate that their collective control over world oil production will likely remain under 50%.
Social media posts on platforms like Facebook and messaging app X (formerly Twitter) claim that the expanded BRICS, with the inclusion of these new countries, will command the lion’s share of global oil production. However, this isn’t entirely accurate.
Before the expansion, BRICS accounted for around 19% of the world’s oil production, according to 2022 data from the U.S. Energy Information Administration (EIA). With the addition of Saudi Arabia, the United Arab Emirates, and Iran, this figure is projected to rise to approximately 41% of global output.
Data from the Organization of the Petroleum Exporting Countries (OPEC) for 2022 places the expanded BRICS production at around 47% of global crude oil production, totaling 34.67 million barrels per day.
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The Energy Institute, a London-based organization for energy professionals, reported that the 11 countries set to join BRICS produce 43% of the world’s total oil output, or 40.45 million barrels per day, according to 2022 data.
In 2022, the top 10 global oil producers were the United States (21% of the world’s total), Saudi Arabia (13%), Russia (10%), Canada (6%), Iraq (5%), China (5%), UAE (4%), Iran (4%), Brazil (3%), and Kuwait (3%), as per EIA data. While the expansion brings major oil producers into BRICS, it’s essential to clarify that they won’t control 80% of global oil production, as some social media posts misleadingly claim.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
