SCO & BRICS latest news and insights
By Rhod Mackenzie
Trumps tariff wars have caused havok with oil prices with the current oil price below $70 per barrel and this has caused US shale companies to start shutting down drilling rigs and cutting back on production because the current global oil price are rendering them completely unpr...
By Rhod Mackenzie
Russia reduced oil production by 16% in the first quarter of 2024 compared to the same period last year, according to OPEC data. This reduction continued in April. Concurrently, the Ministry of Finance reports a 82% surge in oil and gas budget revenues in the first four months of...
By Rhod Mackenzie
The economies of most Western oil consumers are growing slowly or not growing at all. Furthermore, Russia’s BRICS partners are not the audience from which OPEC+ would intend to earn windfall profits. Therefore, oil has outlined a smooth compromise corridor, which can only be dire...
The Organisation of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), both closely monitoring global oil demand trends, are more divided on the fuel market than they have been in at least 16 years. Reuters reported this calculation.
OPEC predicts that oil consumption w...
By Rhod Mackenzie
Cooperation with OPEC+ will help secure revenues for the Russian budget and maintain oil prices. This was announced by Russian President Vladimir Putin on 12 March at a meeting with the winners of the "Leaders of Russia" management competition.
"OPEC+ is really helping us to mai...
By Rhod Mackenzie
Reuters reports that the OPEC group and the International Energy Agency (IEA) have different forecasts for global oil demand in the next 16 years.
The IEA predicts a record level of oil demand in 2024, with an increase of 1.22 million barrels per day. On the other hand, OPEC pre...
