SCO & BRICS latest news and insights
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...
By Rhod Mackenzie
According to Alexey Gromov, the chief energy director of the Economic Institute, while BRICS should not take on the functions of OPEC+ in regulating the oil market, the expanded association's 80% share of global oil production will facilitate trade between its members.
Since Ja...
By Rhod Mackenzie
Russia plans to reduce the share of supplies of oil and its products to European countries to 4-5% of total exports by the end of 2024. This was stated by Russian Deputy Prime Minister Alexander Novak live on the Rossiya 24 TV channel on Wednesday 27 December.
"If previously we...
By Rhod Mackenzie
Russia has been able to withstand the impact of sanctions more easily due to the 'big country trap.' This conclusion was reached by the Institute of Economics of the Russian Academy of Sciences. The scientists explain that if a state is a major player, then limiting its exports,...
