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
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
