Economy

Economist reveals what pension will be without work experience

Lack of work experience does not leave a Russian without a pension; such citizens can count on a social pension, but subject to certain conditions,... RIA Novosti, 06.05.2026

Chevron warns of looming global oil shortages amid Hormuz crisis

Chevron CEO Mike Wirth warns that global oil shortages could hit within weeks as Hormuz remains shut, sending prices to multi-year highs

UAE exits Arab oil group OAPEC after breaking with OPEC, OPEC+

The UAE has withdrawn from OAPEC days after exiting OPEC and OPEC+, citing a strategy to gain greater flexibility over oil output

EU economy falling behind global rivals, Belgian central bank chief says

The EU is “not competitive” globally as high energy costs weigh on the bloc’s industry, Belgian central bank chief Pierre Wunsch warns

Trump aide claims 'extreme calamity' looming in Iran

White House economic advisor Kevin Hassett has claimed that Iran’s economy is nearing an “extreme calamity”

Kuwait exports zero barrels of oil for first time in 35 years, according to Tanker Trackers

After traffic through the Strait of Hormuz was effectively shut down Kuwait exported zero barrels of oil

OPEC+ Approves Output Hike as UAE Exit and Iran War Disrupt Supply

OPEC+ members agreed to raise oil output targets by 188,000 barrels per day following the UAE's exit and amid ongoing disruptions in the Strait of Hormuz caused by the Iran war.

China has ordered refineries to ignore US sanctions on Iranian oil trade

China has instructed its private refineries not to comply with US sanctions targeting companies allegedly involved in Iran’s oil trade

Spirit Airlines Becomes First Victim of Energy Crisis as Fuel Costs Spike

Spirit Airlines halts operations amid soaring oil prices and an energy crisis, leaving 17,000 jobless, as Strait of Hormuz disruptions hit global fuel supply

Russia expects $2.667 bln in budgetary revenues amid oil prices rise

The Finance Minister noted that "the levels of revenue and under-revenue over the past two months are the same"

North Macedonia starts purchasing Azerbaijani gas on regular basis

North Macedonia received gas from Azerbaijan "through the Trans-Anatolian and the Trans Adriatic pipelines, then from Greece via Bulgaria", Moscow’s Ambassador to the Balkan nation Dmitry Zykov said

The World Is Approaching the Largest Energy Crisis in History, Believes Dmitriev

The world is approaching the largest energy crisis in history and is not even aware of it, stated the head of the Russian Direct Investment Fund (RDIF), Special Representative of the President of the Russian Federation for Investment and Economic Cooperation with Foreign Countries Kirill Dmitriev.