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By Rhod Mackenzie

The petrodollar agreement between Saudi Arabia and the United States, signed in 1974, has now expired. This will enable Saudi Arabia to sell its oil and other goods not only in US dollars but in other currencies, according to media reports. Lets look at why the Saudis entered in...

By Rhod Mackenzie

Bloomberg economists estimate that Russia received almost 50% more from oil sales last spring than in May 2023. Oil-related taxes rose to 632.5 billion rubles ($7.1 billion). Total oil and gas revenues rose by 39% to 793.7 billion roubles in May. The calculations are based on da...

By Rhod Mackenzie

The new Gazprombank's Price Index Centre (PIC) began calculating the Commodity Price Index, an analogue of the Bloomberg Commodity Index, but for Russian goods and based entirely on Russian information. This is another important step towards creating a full-fledged information in...

By Rhod Mackenzie

The transit of Kazakh oil through Russian territory to Germany has been extended. The most significant agreement for Berlin remained unresolved for an extended period due to concerns in Poland regarding the transfer of payment for gas volume measurement to Moscow. The issue has b...

By Rhod Mackenzie

The UK government has been accused of “helping Russia pay for its war on Ukraine” by continuing to import record amounts of refined oil from countries that are processing Russian fossil fuels.
According to UK Government data analysed by the environmental news site Desmog shows...

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...