UAE, Iran, Saudi Arabia… six oil-producing countries to join BRICS in four months

The BRICS group of nations has extended invitations to six oil-producing countries to become full members.

So far, the BRICS economic bloc comprises five countries: Brazil, Russia, India, China and South Africa.

South Africa’s President Cyril Ramaphosa spoke on the group’s expansion plan during a news conference on Thursday at the ongoing BRICS summit in Johannesburg.

He said the new members will join the club by January 1, 2024.

The invited countries include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE).

“As a five-BRICS country, we have reached agreement on the guiding principles, standards, criteria and procedures of the BRICS expansion process which has been in discussion for quite a while. We have consensus on the first phase of this expansion process and other phases will follow,” Ramaphosa said.

“We have decided to invite the Argentina Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia, and the United Arab Emirates (UAE) to become full members of BRICS.

“The membership will take effect from the 1st of January, 2024.”

Three of the six oil-producing countries — Saudi Arabia, Iran, and the UAE — are key members of the Organisation of Petroleum Exporting Countries (OPEC).

Nigeria, which is a member of OPEC as well, is not a member of the BRICS group.

In July 2023, the country secured the third largest oil-producer status in Africa, with an average oil production of 1,081,396 barrels per day (bpd).

On August 21, Vice-President Kashim Shettima departed Nigeria to represent President Bola Tinubu at the 15th BRICS summit in South Africa.

At the summit, heads of state are expected to deliberate on issues of trade and investment facilitation, sustainable development, innovation, and global governance reform.

It is also expected that the conference would focus on global geopolitics and infrastructure development as the body continues its outreach to leaders from Africa and the global south.