According to the Irish economist Philip Pilkington, the outcome of the BRICS summit in Johannesburg can also be called significant because it symbolizes the end of Iran’s economic isolation
LONDON, August 24. /TASS/. The US will lose the opportunity to influence the global oil market after the expansion of BRICS with such new members as Saudi Arabia and the United Arab Emirates, Irish economist Philip Pilkington said in an article for the British portal UnHerd.
“Saudi Arabia and the UAE joining is likewise extremely significant. The United States used to rely on the Gulf monarchies, especially Saudi Arabia, to exert control over the oil price. With their accession to the Brics, it seems likely that America has lost any control it had over oil prices for the foreseeable future,” the expert pointed out.
According to Pilkington, the outcome of the BRICS summit in Johannesburg can also be called significant because it symbolizes the end of Iran’s economic isolation. “Given that the country is the world’s eighth largest oil producer and possesses the third largest proven oil reserves, this is a substantial economic and geopolitical development,” he added.
BRICS consists of Brazil, Russia, India, China and South Africa. The group held its summit in Johannesburg, in western South Africa, from August 22 to 24. According to South African President Cyril Ramaphosa, Argentina, Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia will join BRICS from January 1, 2024.