The Vienna Energy Strategy Summit took place on 23 November 2018 for the first time. In view of the events in Saudi Arabia, the tensions in the Middle East and in particular the oil futures contract introduced by China at the end of March 2018 in the national currency Yuan (Renminbi), the participants discussed the effects on the oil market and the financial system.
The internationally renowned oil market expert Dr. Mamdouh G. Salameh, consultant of the World Bank, UNIDO and Middle East Institute, spoke on the topic “Will the Petro-Yuan Be the Death Knell for the Petrodollar”. The presentation by Dr. Mamdouh G. Salameh was followed by a high-level panel discussion with the participation of
- Rudolf Huber (LNG Austria),
- Stefan Uher (EY location Vienna),
- Gaurav Sharma, MA (Oilholics),
- Prof. George Filis (University of Bournemouth),
- Dr. Mamdouh Salameh (Consultant) and
- Dr. Clemens Wagner-Bruschek (E-Control).
The panelists agree that it is not unlikely that the Chinese yuan will rise to become the world’s leading oil currency in the medium and long term.