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.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s