Venezuela Offers Its Oil to Join the BRICS

Venezuela is looking to join the BRICS group by leveraging its vast oil reserves. This move underscores the country’s geopolitical ambitions and its aspirations to reshape its international alliances.

A strategic application to become a BRICS member

During a recent broadcast of his radio show, “Con Maduro de Repente,” President Nicolás Maduro announced Venezuela’s aspirations to join BRICS. He described this move as essential for the country’s renewal. “Venezuela is reborn both internally and externally,” he proclaimed, highlighting the need to integrate into a new world order and resist international sanctions.

Foreign Minister Yván Gil, during the recent BRICS+ foreign ministers’ summit, reinforced this message. He praised Venezuela’s achievements and its capacity to enrich the bloc with its vast oil reserves. He also asserted that joining the group would be a strategic act against imperialism, while honoring the legacy of former President Hugo Chávez.

Economic and diplomatic stakes in the face of Venezuela’s ambitions

At the BRICS+ summit in Nizhny Novgorod, a significant agreement was signed between Russian Foreign Minister Sergey Lavrov and his Venezuelan counterpart, Yván Gil. This agreement, aimed at countering US sanctions, symbolizes the strengthening of relations between Venezuela and Russia. However, progress on the diplomatic front contrasts with the internal economic realities of Venezuela.

According to OPEC data, the country’s oil production was only 852,000 barrels per day in July. This is significantly lower than the statistics announced by the Venezuelan Ministry of Petroleum. This disparity highlights the persistent challenges faced by the country’s oil sector.

Furthermore, the opinions of local economists such as Henkel García and Alejandro Grisanti add a layer of skepticism regarding the immediate benefits of BRICS membership for Venezuela. They argue that the economic size and population criteria of the current BRICS members do not match those of Venezuela. This reality could limit the positive impact of this membership on Venezuela’s economic development, according to them.

Venezuela’s effort to join the BRICS highlights a complex game of geopolitics and economic ambitions. However, the question remains whether this attempt will translate into tangible benefits or remain largely symbolic in the context of the country’s current challenges.