The Venezuelan authorities will present their Petro cryptocurrency as a unit of account for oil to the OPEC member countries. This was announced on Wednesday by the Minister of Petroleum Industry of Venezuela, Manuel Quevedo.
By the beginning of November, the volume of oil production in Venezuela was at the level of 1.2 million barrels per day. According to the forecasts of the International Energy Agency, by the end of the year, it can be reduced to 1 million barrels per day.
Sales of Petro, the first Venezuelan cryptocurrency, began in February. Its cost is equal to the price of a barrel of oil produced in the country and is about $60 per unit.
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