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.
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