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29 May 2024
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BRICS: Russia Makes Massive Oil Discovery

BRICS member Russia announced on Sunday that it has found massive oil and gas reserves in the British Antarctic territory. The discovery will potentially lead to drilling in the protected region making Russia’s oil reserves grow in the coming years. The newly discovered reserve findings are so massive that it covers around 511 billion barrels worth of oil. That’s around 10 times the North Sea’s output in the last 50 years.

Also Read: BRICS: 2 New Countries Agree To Ditch US Dollar

The development could put BRICS member Russia on top of the map making it among the top producers of oil in the world. However, the massive oil discovery comes with a price as Russia might find it difficult to drill in the region. Antarctica is protected by the 1959 Antarctic Treaty, which prohibits all oil developments in the region.

However, if Russia goes ahead with the drilling, it could make the BRICS alliance stronger in oil output and production. Russia’s drilling for oil in Antarctica could create international discord leading to turmoil in the geopolitical affairs. Read here to know how many sectors in the US will be impacted if BRICS ditches the dollar for global oil trade.

Also Read: 5 New Countries Looking To Join BRICS Alliance

Russia’s New Oil Discovery in Antarctica Gives the BRICS Alliance A Boost

Russia Flag brics currency us dollar
Source: pics.alphacoders.com

BRICS country Russia submitted the evidence of oil discovery in Antarctica to the Commons Environment Audit Committee last week. The committee is assessing the documents regarding oil and gas research on ships owned by Russia’s Rosgeo, which is the biggest geological exploration firm from the Kremlin.

Also Read: 3 Copper Mining Stocks To Benefit From Demand

The BRICS alliance stands to benefit from the large oil discovery by Russia in the Antarctic region. BRICS already controls 42% of the global supply and drilling in Antarctica pushes the numbers higher. While the US will be the top oil-producing country in the world in 2024, BRICS is looking to challenge its dominance.

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