• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 3 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 39 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours What-If - Russia decided to take out the Saudi and Kuwait oilfields
  • 5 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 1 day "As the Earth Cools, the Climate Change Hoax Heats Up" by Michelle Edwards
  • 3 hours PROFOUND ! "Russian Ruble relaunched linked to Gold and Commodities" by the famous Ronan Manly -- (NOTE the censorship by the MultiPolar New World Order of The Great Reset))
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 day The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
America's 'Maximum Pressure' Policy On Venezuela Has Failed

America's 'Maximum Pressure' Policy On Venezuela Has Failed

Washington’s unwavering faith in strict…

How Hezbollah Is Sparking Instability In Latin America

How Hezbollah Is Sparking Instability In Latin America

Hezbollah has established a notable…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Venezuela Rakes In $735 Million From El Petro Proceeds

Venezuela said it had generated US$735 million from the pre-sale of its cryptocurrency backed by crude oil. President Nicolas Maduro saw cryptocurrency sales as a way around Venezuela’s severe cash shortage resulting from U.S. sanctions and dropping crude oil production and prices.

The government has issued a buyer’s manual for El Petro, confirming those willing to buy some of the oil-backed cryptocurrency can use either hard currency or other cryptocurrencies. Both Venezuelan nationals and foreigners are welcome to buy Petros. Bitcoin.com, however, notes that no prices were displayed on the Etherdelta platform that Caracas is using for order placements and no orders have been matched. This, the website points out, could be the result of a technical glitch.

The pre-sale offering involved 82.4 million Petro tokens, and according to Venezuela’s Minister for University Education, Science, and Technology, traffic to the website where the tokens are sold jumped fivefold shortly after midnight Venezuelan time.

In early December, Maduro shocked analysts who follow both the country’s flirtations with default and the cryptocurrency community by announcing that Venezuela would launch the Petro cryptocurrency, backed by oil, diamonds, and gold reserves, to help the country to “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.” Related: 5 Record Breaking Gemstones Even Billionaires Can’t Buy

Last month, Maduro said that the 5 billion barrels of oil reserves at the Ayacucho block 1 in Venezuela’s Orinoco Belt would back the cryptocurrency. The Petro, which Venezuela touts as the first cryptocurrency issued by a country, is promoted as a means to “boost monetary sovereignty”, while many analysts think it is just a desperate attempt to skirt U.S. financial sanctions.

Analysts also think that the Petro won’t bring real benefits either to Venezuela’s ravaged economy or to its people who suffer from shortages of basic necessities amid a hyperinflation expected at 13,000 percent this year by the IMF.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • RefCor on February 21 2018 said:
    What is the old saying: “a fool and his money are easily parted”. Ah well,

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News