Saudi Arabia, the world’s largest oil exporter, has recently expressed its interest in joining the BRIC group of emerging economies, which consists of Brazil, Russia, India, China and South Africa. This move could have significant implications for the global balance of power and the future of energy markets.
According to South African President Cyril Ramaphosa, Saudi Arabia’s request to join BRICS was warmly welcomed by the existing members. The group, which accounts for 23% of the global economy and 18% of trade, has been seeking to expand its influence and challenge the dominance of Western-led institutions such as the IMF and the World Bank. By admitting Saudi Arabia, BRICS would gain access to a major source of energy and finance, as well as a strategic partner in the Middle East.
Some analysts view Saudi Arabia’s bid to join BRICS as a strategic game changer that would enhance the group’s military and political clout on the global stage. By forming a bloc, BRICS countries could exert a collective influence and present a united front on issues of their mutual concern, such as climate change, terrorism, trade and development. Saudi Arabia’s inclusion would also mean that BRICS would dominate 31% of global oil production, creating a new dynamic in the energy sector.
However, Saudi Arabia’s potential accession to BRICS is not without challenges and risks. The group is not a homogeneous entity and has diverse interests and perspectives on various issues. For instance, China and India have longstanding border disputes and compete for influence in Asia. Russia and China have different views on Iran’s nuclear program and Syria’s civil war. Brazil and South Africa have faced economic difficulties and political instability in recent years.
Moreover, Saudi Arabia’s move could strain its relations with its traditional ally, the US, which has been pressuring Riyadh to increase its oil output amid rising prices.
Another factor that could affect Saudi Arabia’s relations with both the US and BRICS is China’s leading role in the security bloc. China has been expanding its diplomatic and economic presence in the Middle East, brokering deals between rival countries such as Saudi Arabia and Iran, offering solutions for regional conflicts such as Syria and Yemen. China has also been promoting infrastructure projects that aims to connect Asia, Europe and Africa through land and sea routes.
Saudi Arabia is one of the key partners of this initiative, which could boost its trade and investment opportunities with China and other BRICS members.