Oil Shock, Economic Uncertainties Loom Over BRICS Meet in Delhi

Source: Outlook Business | Original Published At: 2026-05-14 10:29:31 UTC

Key Points

• BRICS foreign ministers met in New Delhi on May 14, 2026, with India holding the BRICS chair this year
• The expanded BRICS bloc now includes Iran, Saudi Arabia, and the United Arab Emirates
• Oil prices surged past $126 per barrel due to conflict-related disruptions, marking the most significant energy disruption since the 1970s
• Expanded BRICS now controls nearly 30% of global oil production
• India routes approximately 40% of its crude through the high-risk Strait of Hormuz
• The bloc is prioritizing Central Bank Digital Currency (CBDC) linkage to bypass dollar-denominated volatility
• Global oil output was slashed by 10.1 million barrels per day according to IEA reports