SCO & BRICS latest news and insights
By Rhod Mackenzie
Houthi attacks on ships passing by the coast they control in the southwest Arabian Peninsula began late last year. As a result, many shipping companies, including giants such as Maersk, have been forced to send their ships around Africa, bypassing the Red Sea and the Suez Canal,...
Amidst the ongoing Russia-Ukraine war, more countries have shifted from decades-long petrodollar, as over a fifth of global oil trade in 2023 were completed in currencies different from the U.S. dollar.
Coming at a time when operators in Nigeria are seeking ways to settle domestic oil and gas trad...
By Rhod Mackenzie
Bloomberg believes that 2023 will be the second consecutive year of record oil production in Russia. The oil boom is evident in both the volume of oil exports and its value.
According to BCS Global Markets oil and gas analyst Ronald Smith, Russia has demonstrated greater indepe...
By Rhod Mackenzie
The West Qurna 1 field is one of the largest in Iraq, with reserves estimated at over 20 billion barrels of oil. According to Oil Price (OP), the Chinese energy company PetroChina has taken over as the main operator of the project after US energy giant ExxonMobil withdrew from bo...
India, the UAE’s second-largest trading partner, has made its first-ever payment in rupees for crude oil purchased from the Emirates, signalling what could be a paradigm shift in dollar-denominated global trade transactions while giving a game-changing fillip to the booming two-way trade that is on...
By Rhod Mackenzie
According to Alexey Gromov, the chief director for energy at the Institute of Energy and Finance, shale oil production in the United States has already peaked and will decline after 2025. This will shift the power back to the OPEC+ alliance, which is currently struggling to manag...
