The president of Venezuela, Nicolas Maduro, has proposed that oil-producing countries should discuss creating a currency basket for trading crude and refined products.
"Developing a new mechanism of controlling the oil market is necessary,” he said today at the Russian Energy Forum, being held in Moscow this week.
According to Maduro, trading paper futures has an adverse impact on the oil market, undermining attempts by the Organization of the Petroleum Exporting Countries to stabilize prices.
Introducing alternative currency baskets, including the yuan, ruble, and other currencies, will eliminate the impact of futures trading, according to the Venezuelan president. ...
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