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
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields