1) Expansion of petro-yuan usage in the international petroleum business
2) OPEC’s overall control over the international petroleum business
Economic and Financial Committee(ECOFIN) is one of the six United Nations General Assembly(UNGA) committees. ECOFIN functions to discuss issues relating to economic growth and development (including international trade, international financial system, external debt sustainability and commodities) briefly, the issues concerning money.
In this committee we are issueing the pricing and control of petroelum resources. Is the reign of petro dollar now demolished? Is there going to be a new ruler in the field? March 26, 2018 may go down in history as one of the most significant days in world finance. At 9am local time, the first trades in crude oil futures denominated in yuan. Is our age’s most required source in other hands, lets find out.