Hungary and Slovakia are in a heated clash with Ukraine over a new ban on Russian oil that they fear will disrupt their energy supplies. The EU is stepping in to mediate, as Budapest and Bratislava warn that Ukraine’s move could severely impact their oil imports. Hungary is even threatening
International oil companies operating in Kurdistan continue to smuggle over 1,000 oil tankers daily amid a pipeline shutdown since March 2023. According to Reuters investigations, this illicit trade routes crude through Iran and Turkey, generating approximately $200 million monthly despite regulatory challenges. Although Kurdistan hasn’t been able to export its
Finance expert Henry C. Johnston debunks rumors about a supposed U.S.-Saudi oil contract expiring, which some claimed would spell the end of the petrodollar system. Instead, he explains that the real shift is happening due to new economic alliances among BRICS nations, especially China, Russia, and India, who are trading
After Russia’s invasion of Ukraine in February 2022, Western nations imposed harsh restrictions on Russian oil imports. This has led to a significant shift in global trade, with countries like China, India, and Turkey increasing their oil imports from Russia. After Russia invaded Ukraine in February 2022, there were harsh
Saudi Aramco’s $12 billion share sale last Sunday, selling 1.545 billion shares at 26.70-29 riyals each, saw immediate success, attracting keen interest from global investors. In a filing with the Saudi Exchange last week, Saudi Aramco (ARMCO), the country’s largest energy corporation, announced its intention to sell shares in the
Reuters has reported that Indian company Reliance Industries will buy Russian oil in roubles and is also able to acquire the oil at a discount. Four people with knowledge of the situation told Reuters that Russia’s Rosneft and India’s Reliance Industries, which runs the largest refining complex in the world,
Afghanistan’s acting Industry and Trade Minister Nooruddin Azizi told Reuters that Russia and Afghanistan plan to build a logistics center for oil transit to South Asia, involving Kazakhstan and Turkmenistan, in its northwestern Herat province. Because of tensions with the West, it may be judged strategically unreliable to continue maritime
In an interview, Indian Oil Minister Hardeep Singh Puri said that the West has tried to ‘weaponize’ Russian oil for ideological reasons. On the fringes of India Energy Week on Thursday, Indian Oil Minister Hardeep Singh Puri told RT that his country will keep purchasing Russian oil as long as
China embarks on the construction of 15 new cities in Iraq, with East China Engineering Science and Technology Co., Ltd. and another company securing contracts to build the housing units. According to a Bloomberg story published on December 29, Iraq began construction on 30,000 housing units close to Baghdad on