World leaders are gathering in Kazan for the BRICS summit, and among them is Venezuelan President Nicolas Maduro, who arrived last night. Stepping off the airplane, he addressed journalists, stating that BRICS countries need the “oil muscles” of both Russia and Venezuela.

Currently, the 9 BRICS member states represent 32% of global oil and condensate production and account for 33% of consumption. Venezuela, however, holds the title of the world’s leader in proven oil reserves, making it an attractive opportunity for investors.

“I’ve always envisioned the possibility of uniting in a major economic project focused on development and cooperation, bringing together OPEC member countries and others,” Maduro said. He revealed that Venezuela will present BRICS nations with a set of oil sector investment projects, hinting that “good news” is on the horizon.

Earlier in August, following his re-election, Maduro announced that Venezuela was prepared to offer BRICS countries the rights to develop its hydrocarbon resources. Although several American companies are already operating in Venezuela, some analysts viewed Maduro’s move as a reaction to the U.S. not recognizing the election results. Despite Washington’s occasional threats of new sanctions, it remains cautious, as U.S. reliance on Venezuelan oil persists. In 2023, U.S. oil imports from Venezuela reached their highest level since 2018, following a reduction in Russian supplies.

Maduro now appears to be leveraging this oil dynamic as a strategic advantage, strengthening ties with BRICS while countering U.S. influence.