OBELA Analysis

The escalation of war against Iran, ignited on 28 February 2026, has sharpened global concerns over the stability of the international energy and monetary system. After the Yom Kippur War (1973), rising oil profits led to the term ‘petrodollar’. That year, the US made agreements for Saudi surpluses to be reinvested in US assets, a scheme later extended to OPEC.

In 2023, at the BRICS summit – comprising Brazil, Russia, India, China and South Africa – in Johannesburg, the inclusion of six new members was proposed: Saudi Arabia, Argentina, Iran, the United Arab Emirates, Egypt and Ethiopia. Only the last four formally joined the group in 2024

The most expensive component of electric vehicles is the battery. In the quest to reduce costs, various forms of energy storage are currently undergoing transformation. This article will analyse what lithium and sodium batteries are, their role in the energy transition, the main companies investing in these technologies, and the challenges involved in extracting the minerals associated with their production.