Venezuela offers its oil to join BRICS

Venezuela is seeking to join the BRICS group, banking on its vast oil reserves, a move that underscores the country's geopolitical ambitions and aspirations to reshape its international alliances.

A strategic application to become a member of BRICS

In a recent broadcast of his radio show, “Con Maduro de Repente,” President Nicolás Maduro announced Venezuela’s aspirations to join the BRICS. He described the move as essential for the country’s renewal. “Venezuela is being 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, at the recent BRICS+ Foreign Ministers Summit, reinforced this messageHe praised Venezuela's achievements and its ability to enrich the bloc with its vast oil reserves. He also said that joining the group would be a strategic act against imperialism, while honoring the legacy of former President Hugo Chavez.

Economic and diplomatic challenges 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. The agreement, aimed at countering US sanctions, symbolises the strengthening of relations between Venezuela and Russia. However, progress on the diplomatic front contrasts with Venezuela’s internal economic realities.

According to OPEC data, the country's oil production was just 852,000 barrels per day in July. This is significantly lower than the statistics announced by the Venezuelan Oil Ministry. This disparity highlights the persistent challenges facing the country's oil sector.

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

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