(Energy Analytics Institute, Piero Stewart, 14.Jan.2020) — Venezuela’s President Nicolás Maduro signed a decree for the mandatory and immediate fulfillment of the sale of 4.5 million barrels of crude oil in Petros from the certified physical reserve stock of 30 million barrels currently held by state oil company Petróleos de Venezuela, SA (PDVSA).
Maduro also instructed PDVSA President Manuel Quevedo to commence regular offers of oil in Petros in an amount of approximately 50,0000 barrels per day (b/d), the official said 14 January 2020 during a presentation of the Memoria y Cuenta 2020 to the National Constituent Assembly (ANC).
The decrees establishes the sale of the oil by PDVSA to airlines covering international routes, through the Petro card, in convertible currencies (dollars, euros, yuan, rupee, rubles), PDVSA announced 14 Jan. 2020 in an official statement.
“In this way, we are opening roads to the new economy,” Maduro said. “Consolidation of the Petro is a solution for Venezuelan people and we are preparing for a second phase that will allow more efficient use of cryptocurrency.”
© Energy Analytics Institute (EAI)