Venezuela announced it is about to join BRICS. (Source: Reuters)

Venezuelan Vice President Delcy Rodriguez spoke at an international economic conference in Caracas, broadcast by the Venezolana de Television channel.

"Venezuela has the largest fuel reserves in the world," Ms. Rodriguez said. With a daily production of 3 million barrels of oil, the country's fuel reserves are enough to last for nearly three centuries.

The country also has the world's fourth largest natural gas reserves. It also has reserves of iron ore, coal, gold, and diamonds.

The formation of a new world order is at a turning point and we want to see our country become part of this new geopolitical reality."

BRICS originally consisted of Brazil, Russia, India, China and South Africa. Earlier this year, the group began expanding its membership with the addition of Saudi Arabia, Iran, Ethiopia, Egypt and the United Arab Emirates (UAE).

The group's expansion is a major move as it aims to dislodge the US dollar's dominance as the world's reserve currency.