BRICS Struggles with Common Energy Policy Amid Global Tensions

The BRICS grouping has gained significant weight in global energy markets due to its large oil-producing and consuming members, but it struggles to find common ground on energy policy.

With countries like Russia, Saudi Arabia, Iran, and the UAE among its members, BRICS accounts for around 41-47% of global crude oil production. However, these nations have diverse energy needs, with some relying heavily on oil exports while others are major importers.

This heterogeneity makes it challenging for BRICS to establish a unified energy policy or serve as an effective safety net during energy crises. Burzine Waghmar of the SOAS South Asia Institute notes that BRICS lacks 'the institutional framework, unified political will, and physical infrastructure required to manage real-time supply or price disruptions.'

The group is also grappling with the aftermath of the US-Israeli military strikes against Iran, which disrupted shipping through the Strait of Hormuz and pushed crude prices above $100 a barrel.