{"id":26172,"date":"2017-09-27T18:18:16","date_gmt":"2017-09-27T23:18:16","guid":{"rendered":"http:\/\/olduvai.ca\/?p=26172"},"modified":"2017-09-27T18:18:16","modified_gmt":"2017-09-27T23:18:16","slug":"oil-analysts-baffled-as-venezuela-ditches-petrodollar","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=26172","title":{"rendered":"Oil Analysts Baffled As Venezuela Ditches Petrodollar"},"content":{"rendered":"

Oil Analysts Baffled As Venezuela Ditches Petrodollar<\/a><\/h3>\n\"Venezuela\"<\/picture>\n
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At the end of August, the U.S. stepped up sanctions on Venezuela, prohibiting<\/a> dealings in new debt or equity issued by state oil firm Petroleos de Venezuela SA (PDVSA) or the government. A couple of weeks later Venezuela responded to what it called an \u201ceconomic blockade\u201d by suspending trade in U.S. dollars and publishing Venezuelan oil basket prices in Chinese yuan.<\/p>\n

Analysts believe that although it has close strategic ties to China, Venezuela would mostly just harm itself with the move to \u201cfree the nation from the oppression of the dollar,\u201d as Nicolas Maduro put<\/a> it.<\/p>\n

Venezuela told oil traders it will no longer accept<\/a> or offer U.S. dollars in payment for crude oil and fuels, the Wall Street Journal reported<\/a> earlier this month, citing sources familiar with the developments. As a result, traders have started converting dollars into euros, and PDVSA\u2019s foreign partners operating in the country may have to switch to euros as well.<\/p>\n

Two days later, on September 15, Venezuela started publishing<\/a> its oil prices in yuan. The move went against earlier reports that Maduro would favor the euro. As it is unlikely that China would ever join the U.S. on its quest to force Maduro to end his campaign to rewrite Venezuela\u2019s constitution in what many see as a step in bringing the downtrodden country closer to dictatorship, the choice of yuan seems a safe one, if nothing else, compared to the European currency.<\/p>\n

The European Union refused<\/a> to recognize the outcome of the Venezuelan vote, but has so far stopped short of imposing sanctions. However, earlier this month, the office of German Chancellor Angela Merkel didn\u2019t rule out<\/a> EU sanctions on Venezuela.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil Analysts Baffled As Venezuela Ditches Petrodollar At the end of August, the U.S. stepped up sanctions on Venezuela, prohibiting dealings in new debt or equity issued by state oil firm Petroleos de Venezuela SA (PDVSA) or the government. A couple of weeks later Venezuela responded to what it called an \u201ceconomic blockade\u201d by suspending […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[130,5332,626,1109,14603,827,851,1031],"class_list":["post-26172","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-china","tag-oilprice-com","tag-petrodollar","tag-sanctions","tag-tsvetana-paraskova","tag-united-states","tag-venezuela","tag-yuan"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26172"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26172\/revisions"}],"predecessor-version":[{"id":26173,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26172\/revisions\/26173"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}