SCO & BRICS latest news and insights
Saudi Arabia officially joined the BRICS alliance becoming the first large oil-producing country to enter the bloc. BRICS initiated a power move with Saudi Arabia’s inclusion as they now control nearly half of the world’s oil output. The development puts the US prospects in peril as America only hol...
By Rhod Mackenzie
Last week, the Finance Committee of the Iraqi Parliament called for an end to the sale of Iraqi oil in dollars in response to US sanctions against Iraqi banks.
According to Oil Price, the committee stated that the US Treasury is using money laundering as a pretext for imposing...
By Rhod Mackenzie
Russia's oil and gas revenues have continued to grow since the beginning of the year. This extra cash has made it possible to resume replenishing the country's reserves. However, the situation has become quite ambiguous and the risks of a decline in the country's income have not...
By Rhod Mackenzie
The largest oil company on the planet seems to have revised its oil demand forecast. Based on this sudden 180-degree turn, there have been significant changes in Saudi Aramco's long-term policy. The company, to everyone's surprise, including those in Saudi Arabia, has abandoned p...
By Rhod Mackenzie
Russian oil exports to the Asia-Pacific region (APR) amounted to 193 million tons in 2023. The OPEC+ deal has had an estimated 30 trillion ruble impact on the Russian budget. Pavel Sorokin, the First Deputy Minister of Energy of the Russian Federation, announced this on January 2...
By Rhod Mackenzie
The Indian Minister of Petroleum and Natural Gas, Hardeep Singh Puri, confirmed that the country purchases Russian oil at market prices. The decrease in purchases is due to the fact that oil from Saudi Arabia, the UAE, and Iraq is currently cheaper. According to the managing dire...
