6 New Nations To Join BRICS From Jan 1 Next Year, Expansion Explained Via Chart

BRICS group of nations will invite six more countries to become full members, confirmed South Africa President Cyril Ramaphosa. BRICS made the announcement on August 24, 2023. These nations are Egypt, Ethiopia, Iran, Argentina, the United Arab Emirates and Saudi Arabia. These countries will now join Brazil, Russia, China, India and South Africa, added Ramaphosa. The membership of these new countries will become effective from January 1 next year, according to reports.

Presently, BRICS is a group of five leading countries namely Brazil, India, China, South Africa, and Russia. When the group will expand on January 1, 2024, the tables given below explain how the expansion will increase the group's influence and reach:
As most of new BRICS members are reportedly developing economies, addition of new countries beginning from January 1, 2023 may not have huge impact on overall share of GDP. Here is the GDP projections for as showcased by IMF:

Original BRICS Member	Country	GDP (USD Billions)	Share of global (%)
Yes	Brazil	$2,081	2.00%
Yes	Russia	$2,063	2.00%
Yes	India	$3737	3.60%
Yes	China	$19,374	18.40%
Yes	South Africa	$399	0.40%
No	Saudi Arabia	$1062	1.00%
No	Iran	$368	0.40%
No	Ethiopia	$156	0.10%
No	Egypt	$387	0.40%
No	Argentina	$641	0.60%
No	UAE	$499	0.50%
-	BRICS Total	$30,767	29.30%
-	Rest of the world	$74,362	70.70%

Share of Oil Production

Now amid global warming, the world is trying to dissuade the usage of fossil fuels, but the world oil market is still huge. BRICS is likely to play a key role in it. And, it will largely due to the inclusion of Saudi Arabia, which will single-handedly account for 12.9% of global oil production.

On the basis of 2022 data from the Energy Institute Statistical Review of World Energy, BRICS' share of oil production is set to surge from 20.4% to 43.1%. Check the table below:

Original BRICS Member	Country	Thousand Barrels Per Day	Share of global (%)
Yes	Brazil	3107	3.30%
Yes	Russia	11,202	11.90%
Yes	India	737	0.80%
Yes	China	4,111	4.40%
Yes	South Africa	0	0.00%
No	Saudi Arabia	12,136	12.90%
No	Iran	3,822	4.10%
No	Ethiopia	0	0%
No	Egypt	613	0.70%
No	Argentina	706	0.80%
No	UAE	4020	4.30%
-	BRICS Total	40,454	43.10%
-	Rest of the world	53,394	56.90%