Major emerging-market nations invited top oil exporters Saudi Arabia, Iran, Egypt, Argentina, Ethiopia and the United Arab Emirates to join their bloc in a push to expand its global influence.
Leaders from Brazil, Russia, India, China and South Africa agreed to enlarge their BRICS group from Jan. 1 at a summit held this week in Johannesburg, South African President Cyril Ramaphosa said on Thursday. It will be the first expansion since 2010.
The inclusion of Saudi Arabia, the world’s largest oil exporter, alongside Russia, Iran, the UAE and Brazil, brings together several of the largest energy producers with the developing world’s biggest consumers, giving the bloc outsized economic clout. With most of the world’s energy trade taking place in dollars, the expansion also enhances its ability to push more trade to alternative currencies.