BRICS-a group made up of Brazil, Russia, India, China, and South Africa-plans to spend $19 billion to increase oil production by 2025.
This move is meant to improve energy security as global demand for oil grows.
Each country will contribute differently: Russia is expected to take the lead because of its large oil reserves, Brazil and India will focus on offshore and onshore oil fields, and China might invest in technology for oil production.
The goal of this project is to strengthen economic relationships through energy cooperation, make oil production more efficient, and lower costs, especially during uncertain market conditions.
By producing more oil, BRICS aims to secure its energy needs and increase its role in the global oil market.
