Brazil announces Nigeria as BRICS partner country

Brazil, as the rotating presidency of the BRICS group, announced on Friday the acceptance of Nigeria as a partner country in the bloc.

"With the world's sixth-largest population - and Africa's largest - as well as being one of the continent's major economies, Nigeria shares convergent interests with other members of BRICS," the Brazilian Foreign Ministry said in a statement.

The African country will play an active role in strengthening cooperation in the Global South and reforming global governance, according to the statement.

Nigeria becomes the ninth partner country of BRICS, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan. These eight countries became BRICS partner countries on Jan 1 this year.

Brazil announces Nigeria as BRICS partner country

Brazil announces Nigeria as BRICS partner country

International Energy Agency (IEA) Executive Director Fatih Birol warned on Thursday that the global oil market may enter a "red zone" in July and August this year, as fuel demand rise and stocks dwindle.

Birol noted that the supply crisis triggered by the situation in the Middle East was initially cushioned by spare capacity in the global oil market, but that oil stocks are now gradually decreasing.

The 32 members of the IEA on March 11 unanimously agreed to make 400 million barrels of oil from their emergency reserves available to the market in response to disruptions caused by the Middle East conflict.

The IEA stands ready to coordinate further reserve releases if necessary, Birol added.

IEA chief warns of global oil market entering "red zone" this summer