SCO & BRICS latest news and insights
By Rhod Mackenzie
Russia is experiencing a surge in oil revenue. In May, budget revenues increased by almost 50%. The total volume of oil and gas revenues for the first four months of 2024 was approximately 4.16 trillion rubles. Experts cite three main reasons for the growth: an increase in world...
British billionaire Jim Ratcliffe, founder and head of the petrochemical giant Ineos Group, has stated that the high cost of electricity and carbon have undermined the competitiveness of the European petrochemical industry, sending it into a state of decline.
In an interview with Bloomberg TV, Mr R...
By Rhod Mackenzie
Denmark, along with other countries with access to the Baltic Sea, are considering imposing sanctions against the so called shadow fleet of tankers that are transporting Russian oil.
According to one version, Denmark wants to block the tankers passing through its waters. So what...
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...
