Oil for Euros rather than Dollars

Venezuelan oil company shifts to euro

Published: Friday 14 March 2008 20:20 UTC
Last updated: Friday 14 March 2008 21:06 UTC

Caracas – Venezuela’s Energy Minister Rafael Ramirez has confirmed that the state oil company PDVSA now has oil contracts in euros as well as US dollars. On Thursday an oil trader revealed that the PDVSA recently closed a deal in euros and the minister’s comments confirm that this is part of a broader strategy.

Venezuela wants to be less dependent on the US dollar, which is continuing to lose value against other currencies. President Hugo Chávez of Venezuela has also urged other oil-producing companies to abandon the US dollar but so far has only won the backing of Iran.

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