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Several members of the BRICS alliance produce and export oil and gas across the world. From Russia to Brazil and Egypt, the bloc controls 45% of the global oil and gas output. If Saudi Arabia had accepted the invitation in 2023, the supply could have soared further. BRICS member Egypt announced on Friday the completion of a new drilling well in Zohr to produce natural gas. What caught everyone’s attention is not the announcement, but the sheer scale of the production capacity. The Zohr gas refinery, which is situated in the waters of the Mediterranean Sea, is estimated to produce 2 billion cubic meters of gas per day. Also Read: US Weaponizes Oil Politics to Break BRICS’ Russia-China-India Axis BRICS: Egypt To Boost 2 Billion Cubic Meters of Gas Each Day Source: Twitter The volume is equivalent to approximately 12.5 million barrels of oil per day. This gas production capacity also surpasses its BRICS counterpart, Brazil, and even Canada. The announcement reinforces Egypt’s a...

The CEO of the biggest asset manager in the world says that gold and cryptocurrencies are “assets of fear.” In a roundtable discussion at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, BlackRock CEO Larry Fink says that crypto assets are a legitimate investment for those who want to hedge against “optimism.” “If you believe that countries are going to continually debase their currency, if you believe that they’re is going to be global rise of insecurity… crypto assets or gold are assets of fear. You own these assets because you’re frightened of the debasement of your assets, you’re worried about your financial security, you’re worried about your fiscal security, and between crypto assets and gold, there’s a strong belief that it’s a good hedge against optimism.” In a separate interview with 60 Minutes, Fink says that after being initially skeptical of Bitcoin (BTC), he ...