Ramirez confirms that the state oil company PDVSA now has oil contracts in euros

Venezuela's Energy Minister Rafael Ramirez has confirmed that the state oil company PDVSA now has oil contracts in euros as well as US dollars. On Thursday an oil trader revealed that the PDVSA recently closed a deal in euros and the minister's comments confirm that this is part of a broader strategy. Venezuela wants to be less dependent on the US dollar, which is continuing to lose value against other currencies.