German finance minister Wolfgang Schäuble has blamed the European Central Bank for an exchange rate that is “too low” for Germany, following criticism last week from US president Donald Trump’s top trade adviser. “The euro exchange rate is, strictly speaking, too low for the German economy’s competitive position.” Source: FT
Venezuela’s President Nicolas Maduro said on state television that Venezuela would put in place in 2019 a program to sell all its oil production in the Petro cryptocurrency, which the leader is touting as the first state-backed oil-backed digital currency. Source: Oil Price
After Russia agreed on Friday to cut its oil production as part of the non-OPEC group tasked with cutting 400,000 bpd of oil production, Energy Minister Alexander Novak said it would take Russia “months” to get down to its requested level. Source: Oil Price
China’s 2018 crude steel output is expected to set an annual record of 923 million tonnes before slipping back to 900 million tonnes next year, a government consultancy said on Monday. Source: Reuters
