UCF Global Perspectives

=

Tag Archives: OPEC

Venezuelan Government Announces Petroleum-Backed Cryptocurrency

Posted on

On Tuesday, the government of Venezuela launched a presale of the petro, a cryptocurrency backed by the country’s petroleum assets. The government set the opening price of each petro at $60, making the petro the first cryptocurrency to be publicly issued and controlled (El País). The government has set aside five million barrels of petroleum […]

Saudi Arabia and Russia Reach Deal to Cap Oil Production

Posted on

After several weeks of ongoing discussion regarding oil production in Russia and Saudia Arabia the two countries have reached an agreement with OPEC. On Tuesday leaders from both countries agreed to freeze oil output; however, the deal was contingent on additional countries joining (Reuters). OPEC members Qatar, Venezuela and Kuwait have already stated they are […]