Venezuela offers BRICS nations oil rights to boost membership bid

Venezuela's President Nicolas Maduro announced that the country is ready to grant oil and gas extraction rights to BRICS countries. The country aims for membership in the organization and has the largest hydrocarbon reserves in the world.

President Nicolas Maduro said Venezuela could provide BRICS countries access to oil and gas fields. According to Kommersant, he called the organization a "gigantic market for domestic producers."

Maduro has already authorized the transfer of rights to develop oil and gas fields to BRICS countries.

In February, he expressed his aspirations to join BRICS, a group of five emerging economies, during the upcoming summit in Kazan, recalls Kommersant. This summit has been scheduled for October of this year, and Venezuela has received an official invitation to attend.

In July, Venezuela's Executive Vice President, Delcy Rodriguez, expressed the country's readiness to supply energy and mineral resources to BRICS.

Venezuela is known as one of the countries with the largest hydrocarbon reserves in the world. In December 2023, President Maduro declared the Essequibo region in Guyana the 24th state of Venezuela, despite the ruling of the International Court of Justice.

He also suggested creating special departments in this newly annexed territory to issue licenses for gas, oil, and minerals extraction.

This concerns an area of 62,000 square miles where Americans extract oil.

According to data from oec.world, Guyana was the world's 21st largest exporter of crude oil in 2022.

Nicolas Maduro took office for his third term as president of the country in July 2024. However, his victory in the elections was not recognized by Western countries. Nevertheless, Maduro continues his rule, aiming to strengthen Venezuela's position on the international stage through potential membership in BRICS.