BRICS has the oil jackpot. Now comes the hard part

Source: The Economic Times | Original Published At: 2026-09-12 03:31:00 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 includes major oil producers such as Russia, Saudi Arabia, Iran and the UAE, as well as major energy consumers India and China.
• The grouping accounts for roughly 41% to 47% of global crude oil production, but it is far from functioning as a unified oil cartel.
• Differences in energy needs, geopolitics and institutional capacity make a common BRICS energy policy difficult.
• Tensions between the UAE and Iran may complicate agreement on a joint BRICS statement, according to Kremlin comments.
• The summit brings together leaders including China's Xi Jinping, Russia's Vladimir Putin, Iran's Masoud Pezeshkian, South Africa's Cyril Ramaphosa and Indonesia's Prabowo Subianto.
• BRICS' longer-term influence may grow through local currency trade, payments and alternative financing rather than direct coordination of oil markets.