Energy Intelligence’s World Energy Opinion
27 April 2018
The US dollar has reigned supreme for decades as the primary currency for oil trade. From time to time there have been attempts to dethrone it, usually by enemies of the US such as former Libyan leader Muammar Qaddafi, but with no real impact. Now, however, a more plausible alternative petrocurrency may be emerging, in the shape of the Chinese yuan. Last month’s successful launch of yuan-denominated crude future contracts on the Shanghai International Energy Exchange appears to have opened the door for the “petroyuan,” but significant impediments remain for its widespread adoption.