BRICS Energy Influence Grows Amid Internal Tensions

As BRICS leaders gather in New Delhi on September 12 and 13, energy security is set to be a key focus area. The group's members account for 41-47% of global crude oil production, giving them considerable weight in the global energy market.

The mix of major oil producers like Saudi Arabia, Russia, Iran, and the UAE alongside significant energy consumers such as India and China highlights one of BRICS' biggest challenges: its members do not always share the same interests on energy security or geopolitics.

Iran's conflict with the US and Israel has disrupted shipping through the Strait of Hormuz, pushing crude prices above $100 a barrel. The waterway carries about one-fifth of global oil supplies, making any prolonged disruption a major risk for energy-importing economies in Asia.

Despite internal differences, there is hope that BRICS can find common ground. At the Shanghai Cooperation Organisation summit earlier this month, countries with different positions on the conflict managed to agree on a joint declaration.