Rising tensions in the Middle East have once again drawn attention to the Strait of Hormuz, one of the world’s most strategically important shipping routes for oil and gas.

Venezuela’s oil industry has begun a cautious recovery after nearly a decade of steep decline, but production levels remain far below their former peak.

The world’s oil wealth is highly concentrated as a relatively small group of countries controls the majority of known crude resources, shaping energy markets, geopolitics and long-term economic planning far beyond their borders.

The BRICS nations—Brazil, Russia, India, China, and South Africa—continue to play a significant role in the global economy.