BRICS’ Oil Power Is Rising, But Can The Bloc Find Common Ground On Energy?

Source: Outlook Business | Original Published At: 2026-09-12 06:15:03 UTC

Key Points

• BRICS leaders are gathering in New Delhi on September 12 and 13, with energy security, the West Asia conflict and trade expected to feature prominently.
• BRICS has expanded to 11 members and includes major oil producers such as Russia, Saudi Arabia, Iran and the United Arab Emirates, alongside large consumers such as China and India.
• BRICS accounts for roughly 41% to 47% of global crude oil production, but it is not an oil cartel because members have differing energy and geopolitical interests.
• Disruptions around the Strait of Hormuz after strikes on Iran pushed Brent crude above $100 a barrel and heightened energy security risks for Asian importers.
• The UAE suspended trade and financial transactions with Iran after reporting missile attacks, complicating efforts to agree on a joint BRICS statement on the conflict.
• A recent SCO summit outcome suggests multilateral groupings can still find acceptable language despite member differences.
• BRICS is also seeking to expand local-currency trade, while U.S. criticism and tariff threats form part of the broader economic context.