I just don't understand the chances and risks to be honest.

I read that one Petro is backed by one barrel of oil (~$60 atm). So if the price of oil rises up to $100 for example will that affect the price of the Petro? Can I go to Venezuela and get a barrell of oil guaranteed from the government for one Petro? Or what kind of backup is this?

If there is a backup by oil, wouldn't Petro just behave like Tether? So the price would always stick around the current oil price?

Or is this some other kind of backup and Petro can go anywhere no matter the oil price? The economy of Venezuela can't become much worse so at some point it might become better. Would that affect the price of the Petro?

My question is if I buy Petro am I betting on oil or on the economy of Venezuela or both or none of it? Or nobody knows? Does someone know more about it who could explain this?

Thanks!