In a historic realignment of global power, the BRICS bloc—once a loose coalition of emerging markets—has rapidly transformed itself into a formidable force reshaping the world’s energy, technology, and financial systems. With its membership swelling in 2024 to include Iran, the United Arab Emirates (UAE), Egypt, Ethiopia, and others, the new BRICS+ alliance now commands not just political clout but a lion’s share of the world’s oil, gas, and increasingly, technological innovation. The implications are profound: from the gas fields of Russia to the AI labs of Abu Dhabi, BRICS+ is challenging established Western dominance and offering the Global South unprecedented leverage and opportunity.
According to Daily News, the expansion of BRICS into BRICS+ has tipped the scales in the energy sector. The group now accounts for over 40% of global oil output and more than 30% of gas production as of 2024. Russia remains a linchpin, producing around 10.8 million barrels of oil per day and ranking among the top three global natural gas producers. Despite enduring Western sanctions, Russia has deepened its energy ties with China and India, often offering discounted crude that’s helped these countries keep inflation in check. Brazil, South America’s oil giant, reached 3.5 million barrels per day in 2024, thanks in large part to the prolific pre-salt fields like Búzios. Its entry into OPEC+ in 2023 only strengthened its hand in global supply negotiations.
Iran’s story is no less remarkable. As a founding OPEC member, Iran boasts the world’s second-largest natural gas reserves and the fourth-largest oil reserves. Even under the shadow of sanctions, it has maintained robust production of about 3 million barrels per day. The UAE, led by ADNOC, produces 3.2 million barrels per day and aims for 5 million by 2027, while also ramping up natural gas output from sites such as the Shah field. Saudi Arabia, though not yet a formal BRICS+ member, remains closely aligned with the bloc’s goals, producing over 10 million barrels per day and playing a pivotal role in OPEC+ price stabilization efforts.
For the Global South, these developments are more than just numbers on a chart. Access to affordable energy remains a critical barrier to development in many African and South Asian nations. BRICS+ oil producers—especially Russia and Iran—have provided discounted crude to countries like India, China, and Brazil, lowering import costs and keeping inflation at bay. As Daily News notes, these energy deals offer a lifeline, freeing many economies from the volatility of dollar-pegged oil prices and opening up new trade alignments.
But energy is only half the story. BRICS+ is also rewriting the rules of global trade and finance. According to Market Minute, the bloc has embarked on a sweeping strategy of dedollarization, aiming to reduce the U.S. dollar’s dominance in international transactions. Approximately two-thirds of internal BRICS trades are now settled in local currencies—rupees, rubles, yuan, and dirham—rather than dollars. India, for example, has begun purchasing Russian oil in rupees, and China has seen its yuan surpass the dollar in cross-border settlements. This isn’t just a symbolic gesture; it’s a direct challenge to the petrodollar system and the financial leverage it grants the West.
To support this shift, BRICS is developing alternative payment infrastructures like BRICS Pay and BRICS Bridge, blockchain-based systems designed to rival SWIFT and connect national financial networks using central bank digital currencies (CBDCs). The New Development Bank (NDB), established in 2015, has also stepped up, financing major infrastructure projects—pipelines, refineries, gas terminals—in member states, and aiming to lend 30% of its loans in local currencies by 2026. These efforts are already reshaping how commodities are priced and traded, with a growing share of global energy contracts now settled in non-dollar currencies.
The winners in this new order are clear. Commodity-rich BRICS+ nations and their state-backed enterprises—like Russia’s Rosneft, Brazil’s Petrobras, and gold mining giants such as Barrick Gold and Newmont—stand to gain from reduced exposure to dollar volatility and Western sanctions. Financial institutions facilitating local currency trade, as well as fintech firms and blockchain developers, are poised for growth. On the flip side, U.S. financial institutions and assets could face headwinds as demand for the dollar wanes, potentially leading to higher borrowing costs and diminished effectiveness of sanctions.
Yet, the BRICS+ vision extends beyond energy and finance. As reported by BRICS+ Consulting Group, the Middle East—anchored by Saudi Arabia and the UAE—is spearheading an AI-driven economic renaissance. By 2030, artificial intelligence is projected to add up to $320 billion to the region’s economy, with Saudi Arabia alone expecting a $135 billion boost to its GDP. The UAE, a trailblazer in AI policy, appointed the world’s first Minister of State for Artificial Intelligence in 2017 and established the Mohamed bin Zayed University of Artificial Intelligence, the first graduate-level AI institution globally.
In 2025, Saudi Arabia launched HUMAIN, a state-backed AI company supported by the Public Investment Fund, securing partnerships with tech giants like Nvidia, AMD, Qualcomm, and AWS. These moves are part of a broader push to diversify economies away from hydrocarbons, foster resilience, and generate employment. Small and medium-sized enterprises (SMEs), responsible for over 85% of new jobs in the Middle East, are central to this transition, with their ability to adopt AI technologies determining the inclusivity and sustainability of the digital transformation.
However, challenges abound. The region must develop robust governance frameworks to ensure ethical and responsible AI use. Talent acquisition is another hurdle, as global competition for AI specialists intensifies. Access to advanced semiconductors also remains a bottleneck, given the computational demands of modern AI. But there are opportunities, too: integrating AI into climate adaptation, water management, and agriculture could further enhance regional resilience and contribute to sustainable development goals.
Amid these sweeping changes, BRICS+ faces a delicate balancing act. The bloc’s unity is tested by the global drive for decarbonization, with members like the UAE and Brazil investing in green hydrogen and biofuels to stay ahead of the curve. The challenge will be crafting a just energy transition that empowers the Global South, rather than simply replicating Western models.
As the world watches, the implications of BRICS+’s rise are unmistakable. The group’s push for financial sovereignty, technological leadership, and resource control signals a new era where economic and political power is more evenly distributed. For the Global South, it’s a chance to gain agency and shape the rules of the game. For the West, it’s a wake-up call to adapt to a more multipolar world. The coming years will reveal whether this bold experiment delivers on its promise of a fairer and more resilient global order.