January 27, 2023

Venezuelan President Nicolas Maduro Allocates 30 Million Barrels of Oil to Petro

Venezuelan President Nicolas Maduro said that about 30 million barrels of oil in storage will be used to provide the state cryptocurrency petro.

In the past few weeks amid the introductionnew sanctions by Washington, aimed at restricting the country's access to the international financial space, huge inflation of the national currency and undermining the welfare of citizens, Maduro again began to actively promote Petro. Obviously, the announcement made yesterday also aims to popularize Petro.

“30 million barrels of oil will perform inthe role of liquid, physical, material support for Petro, the Venezuelan president said on national television. “Reserves of crude oil and its products will be sufficient for immediate commercial sale and support the functioning of the sovereign Venezuelan crypto asset - Petro.”

Petro was originally supposed to be provided with 5 billionbarrels of oil not yet produced due to lack of infrastructure. Recently, however, plans have changed due to an increase in Venezuelan oil reserves, which was caused by a drop in demand from potential buyers due to US pressure.

Recently, the Venezuelan authorities againbegan to actively promote Petro. So, they recently said that Petro already accepts dozens of outlets, but the Reuters information portal could not find confirmation of the significant spread of petro in commercial activities. Maduro, for his part, did not tell the audience how the country was going to sell oil to provide petro.