Oil Investors Wait As Iran Sanctions Loom

According to Bloomberg Markets, President Trump “plans on sticking with an agreement that suspends American sanctions on Iran in return for limiting its nuclear research, according to two administration officials familiar with the matter.”  He must decide by Friday. But with these possible sanctions hanging over Iran, investors are hesitant to invest in Iranian oil.

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 …