BRICS+ Series: How OPEC and BRICS are Shaping the Future of Global Energy Trade

Representatives of OPEC member countries attend a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on October 5, 2022. The OPEC+ oil cartel meets for the first time face-to-face since Covid curbs were introduced in 2020.
OPEC and BRICS: Shared Goals and Increasing Cooperation
Founded in 2016, OPEC—which controls over 50% of global oil production, plays a key role in stabilising prices by strategically adjusting its output levels. BRICS+ on the other hand, now including Middle Eastern countries Iran, UAE and possibly Saudi Arabia, aims to promote multipolarity, enhance economic ties and counter Western financial dominance. The increase in collaborations between the OPEC+ and BRICS+ wisely strengthens the Global South, and this makes them very important actors in the shift to renewables and global energy governance.
Brazil's Strategic Move: Joining OPEC+
In 2023, Brazil joined OPEC+ and this signaled its efforts to be one of the key players in the energy sector. As the eighth biggest global oil producer (3.3 million bpd in 2024), Brazil's OPEC+ membership enables it to have an influence on global oil policies and aligns with BRICS' pursuit for a multipolar energy system. This move strengthens the energy and security partnership of Brazil within OPEC+, especially within the Middle East.
Russia's Dual Role: OPEC+ and BRICS+
The key role of Russia in both OPEC+ and BRICS+ makes it central to global energy governance. As the third largest oil producer in the world, Russia aims to reduce reliance on western markets, diversify exports and strengthen Asian ties. In 2024, Russia produced 10.5 million bpd, with majority exports flowing to BRICS+ countries. Its involvement in the OPEC+ allows it to influence oil production decisions. This dual membership allows Russia to contribute to energy pricing and stabilisation, while also supporting BRICS' geopolitical goal of reducing Western financial dominance.
Middle Eastern Powerhouses: Iran, UAE, and Saudi Arabia
Iran, UAE and Saudi Arabia, major players within OPEC+, have joined BRICS, signaling a broad geopolitical shift. These countries, particularly Iran and Saudi Arabia, are some of the founding members of OPEC and they hold a large portion of the world's oil reserves together. With a production of 10.5 million bpd in 2024, Saudi Arabia is the world's largest oil exporter, and Iran, regardless of sanctions, reached 1.2 million in 2024.
The strategic pivot of Saudi Arabia towards BRICS+ shows that the kingdom has intentions to further strengthen ties in the Global South, moving away from its historical dependence on Western powers. This is a very important development in energy geopolitics as Russia and Saudi Arabia have been cooperating to balance production quotas and stabilise oil prices. Despite facing significant U.S. sanctions, Iran's oil exports have increased, mostly to China and India, showing a change in its geopolitical strategy as evident in its inclusion in both OPEC+ and BRICS. Within OPEC+, Iran maintains the influence it has over global energy discussions.
The UAE's membership in OPEC and BRICS emphasises the Gulf's evolving energy strategy. Prestigious for its efforts in diversifying into renewable energy, the UAE aims to balance its fossil fuel production with long-term sustainability goals. Its involvement in both groups positions the UAE as a bridge between traditional energy markets and emerging global energy solutions.
Global Energy Implications: A Shift in Power
The growing relationship between OPEC+ and BRICS is significantly reshaping global energy governance. Traditionally, Western institutions coupled with the U.S. dollar dominated energy policies and oil trade. However, the deepening collaborations happening between BRICS and OPEC+ presents a challenge to this established order. BRICS has been an advocate for a more equitable global energy pricing mechanism, actively seeking to diminish the central role of the U.S. in energy transactions. The BRICS-backed New Development Bank is already funding energy initiatives in the Global South, providing an alternative to Western financial structures. This growing cooperation between OPEC+ and BRICS indicates a shift in global energy governance, with a growing emphasis on the priorities of the Global South.A Multipolar Energy Future
The increasing cooperation between OPEC+ and BRICS signifies a significant change in global energy governance. These nations are aligning their interests to stabilize oil prices and reshape the global energy order. With key players like Saudi Arabia, Iran, Russia, and Brazil influencing oil production, their collaborative efforts to redefine energy policies will ensure a central role for the Global South in the future of global energy trade. This partnership highlights the increasing influence of the Global South in a multipolar world, suggesting a future of more inclusive and balanced energy governance that reflects diverse global economic interests.
Written By:
*Dr Iqbal Survé
Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN
*Sesona Mdlokovana
Associate at BRICS+ Consulting Group
UAE & African Specialist
**The Views expressed do not necessarily reflect the views of Independent Media or IOL.
** MORE ARTICLES ON OUR WEBSITE https://bricscg.com/
** Follow brics_daily on Twitter for daily BRICS+ updates

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It facilitates faster delivery of Chinese goods to Iran and onward to Europe, boosting trade efficiency and regional connectivity — this is where the rub lies as it bypasses any attempt by the USA Seventh or Fifth fleet for that matter to intimidate China and thus BRICS. So an attack on Iran by Israel must not be seen in isolation but with a geopolitical eye on the attempt to contain China. The potential consequences are monumental. If oil can be bought and sold in non-dollar denominations, a cornerstone of global dollar demand weakens. With less demand for U.S. Treasury securities, Washington could face higher borrowing costs and diminished leverage in international institutions like the World Trade Organization and the International Monetary Fund. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. 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Western sanctions may have isolated Russia from some markets, but they also catalysed alternative systems—cross-border payment platforms, bilateral trade in national currencies, and talk of a BRICS common settlement unit. Iran's alignment with this axis isn't just a matter of political solidarity; it represents a pivot away from dollar-dependence. From India's use of rupees in oil trades to South Africa's backing of a multipolar financial system, the shift is gaining traction across the Global South. The last thing Biden did before exiting in December 2024 was to launch the Lobido Corridor as a countermeasure to the Chinese Belt and Road Initiative. The Lobito Corridor is part of a broader Western-backed counter-BRICS initiative, including a $1.3 billion US-Angola infrastructure deal, to strengthen infrastructure and private investment in Africa, supported through programs like the Partnership for Global Infrastructure and Investment (PGII). The aim was to undermine Chinese dominance of the critical metals supply chain such as Copper, Cobalt, Lithium, Tantalum(Coltan) especially as the highest priority. With the increased use of eDrones Americas military need a secure source of these minerals. Some of these minerals reach China via the railway corridor from Iran and thus it is essential that those those infrastructure benefitting China be destroyed, hence it is in this light that the devious attack on Iran by American proxy Israel can be explained. This infrastructure push by America aims to provide alternatives to China-led projects and the Belt and Road Initiative (BRI), countering China's growing influence through BRICS and related economic corridors. South Africa, as a founding BRICS member and a key regional power, is a crucial leverage point for expanding BRICS influence into Africa. The Lobito Corridor and related infrastructure projects signal efforts by the US and allies to offer competing development models and maintain influence in the region and it is clear the current Angola government has been bought lock, stock and barrel by the Americans and its allies. The recent diplomatic tensions and perceived 'insult' to South African President Cyril Ramaphosa in the White House can be seen as part of this broader geopolitical contest, reflecting friction over South Africa's leading role in BRICS and its strategic positioning between Western and Chinese spheres of influence. America's Geoeconomic Dilemma The US faces a dilemma: preserve dollar dominance through diplomatic engagement, or use hard power—military or financial—to deter alternatives. History suggests Washington is willing to project power to defend its economic architecture. But as dedollarisation efforts become decentralized and digitally nimble, the old levers lose some of their Iran, whether militarily or economically, may not just be about regime machinations but is intended to be a strategic strike on a key pillar of the dedollarisation front. A Global Rebalance in MotionWe are living through the slow dismantling of a unipolar order and as Prof Richard Wolff describes the decline of American Empire. The question is not whether dedollarisation will happen, but how—and at what cost to the current architects of global trade. For BRICS and its partners, this is a path toward sovereignty and away from American hegemony For Washington, it's the potential unraveling of its financial superpower status. And for the rest of the world, it could mean a future where no single currency holds the world hostage. * Masibongwe Sihlahla, Independent Writer, Political Commentator and Social Justice Activist. ** The views expressed do not necessarily reflect the views of IOL or Independent Media.