• 3 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 5 minutes CoV-19: China, WHO, myth vs fact
  • 8 minutes Question: Why are oil futures so low through 2020?
  • 11 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 8 hours “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 15 mins Question - What if there are no buyers for Chevron's Appalachia Assets?
  • 9 hours Energy from thin air?
  • 15 mins Blowout videos
  • 14 hours OIL trades as if the virus is a 1 quarter event. As if it's Containable, Reversible and Temporary. Is it ?
  • 1 day Hey NYC - Mayor De Blasio declares you must say goodbye to fossil fuels. Get ready to freeze your Virtue Signaling butts off.
  • 3 hours Can LNG Kill Oil?
  • 1 day Fast-charging, long-running, bendy energy storage breakthrough
  • 1 day Foxconn cancelled the reopening of their mfg plants scheduled for tomorrow. Rescheduled to March 3rd. . . . if they're lucky.
  • 2 days "For the Public's Interest"
  • 16 hours Coronovairus, Phase One Agreement, Lower for Longer
  • 2 days Cheap natural gas is making it very hard to go green
Can Digital Tech Solve Oil’s Talent Crisis?

Can Digital Tech Solve Oil’s Talent Crisis?

Younger generations aren’t hearing the…

Oil Suppliers Slash Prices To Save Asian Market Share

Oil Suppliers Slash Prices To Save Asian Market Share

As Asian refineries are reducing…

Dollars Reserve Currency Status at Risk Following Russia-China Deal

Dollars Reserve Currency Status at Risk Following Russia-China Deal

Russian Central Bank Deputy Chairman Viktor Melnikov has served notice on Washington that the world’s second largest energy exporter and world’s second largest economy are about to switch using the dollars in their bilateral trade to denominating their trade in rubles and yuan both to boost bilateral trade and economic cooperation, RIA Novosti news agency reported.

Following the signing of an agreement between Russia’s and China’s central banks Melnikov said, "This agreement allows for settlements through Russian and Chinese banks not only in the freely convertible currencies but also in the yuan and the ruble."

Melnikov added that under the terms of the agreement Russia and China also agreed to boost bilateral trade from its 2010 level of $60 billion to $100 billion within five years and to $200 billion by 2020.

People's Bank of China Deputy Chairman Ma Delun said that the agreement would give china and Russia an opportunity to increase the value of deals in their national currencies and "help bring them closer to international reserve currencies."

Russian exports to China are still dominated by commodities, with oil supplies currently constituting approximately 50 percent of Russian exports to China. In April 2009 the Chinese and Russian governments signed an agreement under which Russia will supply China with 15 million tons of oil per annum for 20 years in exchange for $25 billion in loans to the Russian state-run companies Rosneft and pipeline monopoly Transneft.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage


Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News