Venezuelan Petro Price Swings Wildly Off Peg, as Oil Price Plummets

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Venezuelan Petro Price Swings Wildly Off Peg, as Oil Price Plummets

venezuelan-petro-price-swings-wildly-off-peg-as-oil-price-plummets

The supposedly crude oil-backed Venezuelan Petro (PTR) cryptocurrency is retaining a value of almost $59 according to the official government calculator, diverging far from the current market price of about $27.70. The Petro is meant to represent the value of one barrel of crude oil.

Screenshot from 2020-03-31 14-18-03.pngSource: https://www.petro.gob.ve/calculadora.html

Crude oil prices have recently collapsed from a double hit: both from the economic impacts of the  COVID-19 pandemic, and from a raging price war between Saudi Arabia and Russia. The price of a barrel of crude recently dropped below $22 for the first time in nearly twenty years.

nearly 20 yearsUSDBRO chart by TradingView