Venezuelan Oil Minister to Introduce Petro to the OPEC for Trade in 2019
Venezuela is constantly seeking for means to create relevance for its national cryptocurrency. To this effect, the Venezuelan Oil Minister Manuel Quevedo have revealed that the country will present its national cryptocurrency, the Petro to the Organization of Petroleum Exporting Countries (OPEC) as a means of payment in 2019.
Venezuela’s oil company PDVSA revealed the report on its Twitter yesterday. Manuel Quevedo explained “We will use the Petro in OPEC as a safe and reliable currency to sell our oil in the world. We will introduce the Petro in the first quarter of 2019 as the world’s oil trading currency, selling all of our production in it.”
Although Venezuela is preparing ahead of 2019, OPEC which has of 15 intergovernmental nations has not yet scheduled its agenda for 2019. The OPEC website does not contain any information. However the next meeting for the oil organisation will be in Vienna, Austria on December 6th.
On the other hand, Venezuela has been able to produce 1.2 million barrels of oil per day by early November. However the yield might drop to a million barrels per day. The country launched the sale of the Petro officially at the end of October. Petro can now be purchased directly from its official website or from six local crypto exchanges authorized by the government.
The Latin American country has suffered severe economic crisis. The International Monetary Fund (IMF) forecasts that inflation in the country may likely reach 1 million percent by the end of the year. President Nicolas Maduro had taken actions to increase the usage of the Petro since September 1st by making it a unit of salary payment. However, critics believe that the company which backs the Petro, PDVSA is just a diversion. They claim that the company is in a $45 billion debt and showed no signs of any trading activity.
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