BRICS nations have agreed to strengthen cooperation to safeguard global energy supplies, international trade and critical supply chains as escalating tensions in West Asia raise concerns over disruptions to major oil routes.
The issue was discussed at the BRICS Leadersβ Summit in New Delhi, where members also called for dialogue and diplomacy to address regional conflicts. Energy security remains an important area of BRICS cooperation, particularly as volatility in the Gulf continues to affect global markets.
BRICS leaders emphasised the importance of stable and diversified energy markets, resilient supply chains and stronger infrastructure. The summit declaration also recognised that fossil fuels will continue to play an important role, particularly for emerging and developing economies, while the global energy transition continues.
The message comes at a critical moment for the global economy. Disruptions to energy transportation can quickly affect oil prices, shipping costs, manufacturing, food prices and inflation, making energy security increasingly inseparable from economic security.
