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1/14, 9:30 PM (Source: TeleTrader)
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Venezuela to sell 4.5M barrels for Petro - Maduro

Venezuelan President Nicolas Maduro announced on Tuesday that he signed a decree to sell 4.5 million barrels of oil from Petroleos de Venezuela S.A. (PDVSA), the state-operated oil and natural gas company, for Petro cryptocurrency.

Speaking to the Constituent National Assembly, Maduro stated that 50,000 barrels will be sold on a daily basis until all oil sales are carried out in Petros. The aim of the Venezuelan government is to sell all airplane gasoline in the same cryptocurrency, Maduro added.

The Petro is the national cryptocurrency of Venezuela. It was launched in February 2018. The base price of the Petro is equal to the price of one oil barrel produced in the South American country.

Breaking the News / MS