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RE: Venezuela Offers India 30% Discount On Crude Oil If It Uses Petro Cryptocurrency For Purchases!
The fact is that Venezuela's oil reserves are the highest in the world. It has 300 billion barrels of crude oil reserves. Saudi Arabia given it's reputation as the world's largest producer of crude oil only has 266 billion barrels in reserve.
Yes true. But the quality of oil which Venezuela produces is not great it seems. see here : https://www.reuters.com/article/us-venezuela-oil-insight/venezuelas-deteriorating-oil-quality-riles-major-refiners-idUSKBN1CN2EO Also
That's quite a revelation indeed. Sucks if they can't provide good quality of crude oil. I was also pleasantly surprised to learn that Reliance Industries owns the largest oil refinery in the world in India. :)
My initial thought was Venezuelan oil naturally is a low grade one. But it seems that lot to do with their mismanagement. Also, I don't know who will bet money in Petro.
We have oil with the best quality, perhaps in all this influences the bad administrative policy that has led the industry to have a very bad management in all senses, however there are hydrocarbons of various types that with a little investment, could be beneficial for everyone.
I never expected a Venezuelan comment. Maybe my understanding about the quality of oil is not completely true. I think I got this notion from a youtube channel VIzualpolitik. They gave a very bad impression of Petro too. As I said, I am not an expert either.
I can attest to the quality of my country's crude oil, only that the policies do not help us, just as we have some doubts about Petro, but in Venezuela we continue to fight for a better country.
Thank you for your inputs on this! :) I hope the government policies change making it easier to make and export high quality crude oil from Venezuela to other countries benefitting everyone.
with God's favor that's soon, thank you for your article and for your kind answers, greetings.
Reliance Industries is biggest corruption industry