Venezuela's state-run oil company begins demanding payment in euros as US dollar weakens

Mar 19, 2008 CARACAS, Venezuela (AP) — Venezuela’s state-run oil firm is starting to demand payment in euros — a measure aimed at protecting revenues from a weakening U.S. dollar, Venezuela’s oil minister said Tuesday. Rafael Ramirez said the initiative by Petroleos de Venezuela SA, or PDVSA, to charge euros rather than U.S. dollars was “advancing,” but not yet completed. Full Report