Increased Position and Pricing Power of the"Greater BRICS"in the Global Energy System
With Saudi Arabia,the United Arab Emirates,Iran and other energy-producing countries joining the BRICS Cooperation Mechanism,the"Greater BRICS"has brought together the world's most important energy producers and consumers,with oil and gas production and energy consumption among the world's leading countries,which will provide more convenient conditions for member countries'energy trade.The export security of energy producing countries such as Russia,Saudi Arabia,the United Arab Emirates and Iran,and the supply security of energy consuming countries such as China and India have tightened the bond of energy cooperation among BRICS countries,and pushed forward bilateral and multilateral cooperation in energy.The"Greater BRICS"has become an important force in promoting the development of the global energy market,but it lacks the corresponding energy pricing power.How to enhance the energy pricing power of the BRICS is an important practical issue to improve the representativeness and influence of the BRICS.Based on the fact that developed countries led by the United States hold the dominant power in international crude oil pricing,this paper takes the key elements such as major participants,pricing and settlement currencies,and major trading venues as the starting point to study the operation of the international crude oil pricing mechanism and how it is distorted.In the future,the greater BRICS members should make efforts in expanding energy cooperation,improving mechanism construction,strengthening financial cooperation and developing futures market,so as to enhance the pricing power in the global energy market.This will not only effectively safeguard their own interests,but also improve global energy governance.
"Greater BRICS"Energy GovernancePricing MechanismsGlobal Energy SystemInternational Discourse"Global South"
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