Major emerging market nations invited top oil exporter Saudi Arabia, Iran, Egypt, Argentina, Ethiopia and the United Arab Emirates to join their bloc in a push to expand its global influence.
Leaders from Brazil, Russia, India, China and South Africa agreed to enlarge their BRICS group from Jan. 1 at a summit held in Johannesburg, South African President Cyril Ramaphosa said Thursday. It will be the first expansion since 2010.
The inclusion of Saudi Arabia, the world’s largest oil exporter, alongside Russia, Iran, the UAE and Brazil, brings together several of the largest energy producers with the developing world’s biggest consumers, giving the bloc outsized economic clout. With most of the world’s energy trade taking place in dollars, the expansion could also enhance its ability to push more trade to alternative currencies.
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