• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 16 mins Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 8 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 41 mins Could Venezuela become a net oil importer?
  • 24 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 10 hours Why is permian oil "locked in" when refineries abound?
  • 3 hours Saudi Arabia turns to solar
  • 13 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 hours Teapots Cut U.S. Oil Shipments
  • 12 hours Oil prices going down
  • 30 mins China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 17 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 13 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 1 day U.S. Withdraws From U.N. Human Rights Council
  • 2 hours EVs Could Help Coal Demand
  • 23 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 13 hours Putin Says 'Fierce' U.S. Politics Hindering Summit With Trump
Alt Text

China’s Oil Demand Could Take A Big Hit

In the last three years…

Alt Text

EV Makers Receive Little Support From Trump

Electric vehicle makers find themselves…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Venezuela To Launch ‘Petro’ Cryptocurrency

Maduro PDVSA

In his latest stunt, Venezuela’s President Nicolas Maduro announced that the country wants to launch a cryptocurrency – the petro – backed by oil, diamonds and gold reserves

In his regular hours-long Sunday broadcast, Maduro said that the petro would help the country to “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”

Venezuela’s opposition lawmakers said the announcement of a cryptocurrency creation is a farce, and the plan may not be implemented at all.

“It’s Maduro being a clown. This has no credibility,” Angel Alvarado, an opposition lawmaker and economist told Reuters.

At the end of August, the U.S. stepped up its sanctions on Venezuela, prohibiting dealings in new debt or equity issued by PDVSA or the government, further complicating the country’s efforts to restructure its huge debt.

Maduro claims that those U.S. sanctions amount to “financial persecution”.

Closer U.S. scrutiny over transactions with Venezuela has resulted in slowing down some bond payments that the sovereign and the state oil firm PDVSA have had to make to avoid triggering calls for default, sources tell Reuters.

True to his ‘anti-imperialistic’ rhetoric, Maduro said last week that his country could stop selling its crude oil to the United States. Related: Iran’s Elaborate Sanction-Skirting Scheme

These comments come as the socialist president tightens his grip over Venezuela’s oil industry that accounts for 90 percent of the country’s currency revenues. A week ago, Maduro named a National Guard major general—Manuel Quevedo—as the new head of PDVSA and the country’s oil ministry. A few days later, Venezuela arrested the two recent former heads of the oil ministry and the state oil company for alleged corruption in the widening anti-graft crackdown.

PDVSA’s new boss Quevedo said on Sunday that the country would review oil service contracts as part of the corruption crackdown that many analysts see as Maduro’s pretext to sideline his political rivals.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • RefMan on December 04 2017 said:
    So let me get this straight, the Bolivar is now almost completely worthless, and is now 100,000 to 1 US dollar. But at least you own a piece of paper with some pretty pictures on it, so now they want to replace that with something that doesn't even give you a piece of paper with a picture. Probably because they cannot get their hands on real currency because they have not been paying the people printing their currency for them.
  • Citizen Oil on December 05 2017 said:
    Wow this dictatorship is obviously just on the verge of collapse. They are sitting in a board room trying to figure out schemes to last another week at a time. I guess if you run out of real money, your very nervous investors are going to much prefer the idea of pretend internet money. Maybe the Winklevoss twins will donate their Bitcoin to the cause. You might be able to buy a toaster with it.
  • Georgie on December 05 2017 said:
    But the same goes for the dollar, Euro, Yen, Swiss Franc, Yuan etc., all pieces of paper not backed by gold.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News