July 24, 2024

Venezuela will reserve 30 million barrels of oil for material support Petro

Venezuela will reserve 30 million barrels of oil for material support Petro

Venezuelan President Nicolas Maduro has announced that he intends to allocate 30 million barrels of crude oil for material support of the state cryptocurrency Petro.

He reported on national television thatThe necessary oil reserves are in storage tanks and are ready for immediate commercialization. Although Maduro did not specify how the sale and transfer of stocks would be organized to support Petro.

Reuters previously reported that the country's government initially planned to reserve 5 billion barrels of oil as collateral.However, US economic sanctions against the state-owned oil company PDVSA have led to reduced production volumes and a revised support program.

Actively promoted by the governmentPetro cryptocurrency is not traded on any foreign exchange, so material support is a way to increase domestic oil use and curb hyperinflation.

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