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Venezuela Push To Remove Dollarization In Crude Oil
Oct 10, 2017

According to Phoenix International News on Oct 4, Venezuelan President Maduro said in an energy summit in Russia that he intends to extend his plans to US dollars as a settlement currency to all oil-producing countries, creating a crude oil And crude oil refining products trading currency basket so that not to rely on the dollar any longer.

Maduro said at the Russian Energy Forum that "creating a new mechanism to control the crude oil market is necessary," and accused the current paper crude oil futures trading has a negative impact for the global crude oil market. 


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