Information technologies have become the new “lifeblood” of the global economy, replacing oil, Alexey Belogoriev, director of research and development at the Institute of Energy and Finance (IEF), said in an interview with RIA Novosti on September 1.
According to the expert, oil was the “lifeblood” 20-30 years ago, but in recent years its economic and even geopolitical importance has diminished significantly. Oil remains an important, but not dominant, source of energy.
Belogoriev noted that oil companies have ceased to be the leaders in terms of capitalisation on the world stock markets. Now only Saudi Aramco and, by a wide margin, ExxonMobil remain on this list.
The list of market cap leaders includes mainly information giants. “Of course, one could argue that capitalisation is divorced from the real economy, but it reflects fairly well where investments are going and in whose hands the main financial flows are. They are leaving the commodities sector. So the blood is probably not the same after all.”“, the expert explained.
Source: Rossa Primavera
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