The Brics made news last year when they approved a motion to consider inviting new members
Rise of Brics challenges oil world order
The five economies are shaking up global markets, and they could be on the cusp of a major break from the existing order
The annual meeting of the Brics countries (Brazil, Russia, India, China and South Africa) in August may see the group make decisions that have serious consequences for oil and energy markets, including a shift away from the petrodollar. The Brics made news last year when they approved a motion to consider inviting new members. They hit the headlines again in April 2022 when they agreed to a proposal by China to establish the New Development Bank, which serves as an alternative for developing nations to Western/global financial institutions such as the World Bank. Later in 2022, Saudi Arabia indicated its interest in formally applying for Brics membership, as its relations with the US have fr
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
