Reuters
By Brian Ellsworth
March 14, 2008
Venezuela is requiring payment in euros for some fuel exports, an industry source told Reuters on Thursday, a sign the OPEC nation may be easing away from the plummeting dollar.
A trader on Thursday told Reuters he had purchased an oil products cargo under a contract issued recently.
"Everyone who has that contract has to pay in euros," said the source, who asked not to be identified.
Anti-U.S. President Hugo Chavez has repeatedly bashed Washington for allowing the dollar to slump to historic lows and urged OPEC nations to consider switching oil pricing to a basket of currencies to improve their purchasing power.
The trader said he had seen no evidence of state oil company PDVSA asking for payment of other products in euros. Crude oil traders said they were still paying for Venezuelan cargoes in dollars, the standard currency for the industry.
"They've asked for that in the past. Mid-last year, they sent a letter around about that but it never went through," said one U.S. fuel oil trader.
The euro hit an all-time high against the dollar above $1.56 in late trading on Thursday, according to Reuters data.
Source: Reuters
Venezuela wants euros for some fuel exports: source
