Venezuela mulls switching some oil sales to euros

CARACAS - Venezuela said on Thursday it was considering switching some oil sales from dollars to euros to defend against the falling value of the US currency.

By (Reuters)

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Published: Thu 1 Jun 2006, 7:51 PM

Last updated: Sat 4 Apr 2015, 3:16 PM

Venezuelan Oil Minister Rafael Ramirez made the comments in an interview on local television ahead of an OPEC meeting in Caracas on Thursday.

“We have been evaluating some transactions in euros and some in dollars,” Ramirez said.

He said Venezuela sells most of its oil to the United States but has some sales to Europe and plans to double exports to China.

Other OPEC members have previously rejected switching away from the dollar, the currency in which oil futures are traded in markets in London and New York.

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