OIL RICH VENEZUELA STOPS ACCEPTING US DOLLARS FOR OIL
JD Sun, 09/17/2017 - 17:23
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Venezuela announced on Wednesday that it will no longer accept U.S. dollars as payment for its crude oil exports.
Earlier this month Venezuelan President Nicolas Maduro said that his country would be seeking to “free” itself from the U.S. dollar.
The official website of Venezuela’s state oil company, PDVSA, has now started offering prices in the Chinese yuan
The move is similar to one made by former Iraqi leader Saddam Hussein, who dropped the dollar in favor of the euro just a few years prior to the 2003 U.S. invasion of Iraq. Could this mean Venezuela is due to be targeted for some democracy or regime change or are we about to witness the death of the petrodollar?
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