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The most welcome news for Venezuelan President Nicolas Maduro in the past month came from Russian President Vladimir Putin in December. Maduro and Putin reaffirmed the relationship between the two countries with more than just words.
More than $5 billion in new oil exploration and production deals were signed when the two met in December which will assist Venezuela in establishing its ambitious (or foolhardy) plan to only sell its oil in its oil-backed cryptocurrency, the Petro.
Maduro has insisted that the Venezuelan state oil company PVDSA will only accept Petro for its oil starting this year. By all accounts the Petro looks like a scam and until he can make good on promises to his benefactors, Russia and China, there is no way they will use it.
But, in theory, the Petro is a fine idea. Is it one that Maduro can pull off? It’s a good question. I doubt it.
But if it, or something like it were to succeed, it represents a tectonic shift for the world economy. Not today or tomorrow, mind you, but over time.