China To Open A Domestic Oil Futures Market

China is set to open a domestic oil market to trade futures contracts.  According to Bloomberg Businessweek, “The Shanghai International Energy Exchange, a unit of Shanghai Futures Exchange, will be known by the acronym INE and will allow Chinese buyers to lock in oil prices and pay in local currency. Also, foreign traders will be allowed …

Venezuela Set To Launch Oil-Backed Cryptocurrency

Venezuela’s government has announced a plan to release a cryptocurrency backed by 5.3 billion barrels of oil worth $267 billion.  According to reporting by CNBC, “President Nicolas Maduro surprised many earlier this month when he announced the “petro” cryptocurrency, to be backed by OPEC member Venezuela’s oil, gas, gold and diamond reserves.” Industry insiders are skeptical …

The Oil industry Is In Cyber Danger

Cybersecurity is currently increasing in importance for the oil and gas industry as it moves towards greater digitization and automation. That could be extremely bad for an industry that’s focused on digital tech, but also wants to expand after the decline in 2014 of oil prices. The problem is not unique to oil and gas, …

Big Oil Is Poised for Its Best Year in Decades

According to Michele Della Vigna, head of energy-industry research at Goldman Sachs, in 2018 companies from Royal Dutch Shell Plc to Exxon Mobil Corp will find themselves with an excess of cash which will fund dividends, ruling the world of deep water mega-projects and even coming out ahead in tax negotiations with oil-reliant governments around …