Venezuela catches the crypto craze
Is "The Petro" a leap forward or just a cash grab?
Some might have seen how the wild-ride cryptocurrencies like bitcoin have lured investors in recent months and decided it prudent to steer clear of the crypto craze. Not Venezuela's President Nicolás Maduro, who has seen opportunity in the rise of digital currencies to raise funds for his cash-starved government. In December, the president said Venezuela would mint the world's first oil-backed digital currency and call it The Petro. "For every Petro, a barrel of oil," Maduro explained in December, saying the new virtual currency, available from February, would be linked to reserves certified in the Ayacucho-1 Block in the Orinoco heavy-oilfields. Venezuela's digital miners have been busy cre
Also in this section
18 February 2026
With Texas LNG approaching financial close, Alaska LNG advancing towards a phased buildout and Magnolia LNG positioned for future optionality, Glenfarne CEO Brendan Duval says the coming year will demonstrate how the company’s more focused, owner-operator approach is reshaping LNG infrastructure development in the North America
18 February 2026
The global gas industry is no longer on the backfoot, hesitantly justifying the value of its product, but has greater confidence in gas remaining a core part of the global energy mix for decades
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
