- The oil reserves of a small part of the Orinoco Belt (for 5.342 billion certified barrels of oil) form the initial backing of the Petro and this has been made into law in Venezuela, months ago.
Oh, I didn't know you were a Venezuelan lawyer. I know many lawyers and they all agree that the petro is an illegal issuance of debt, because it wasn't approved by Parliament.
Here's an article that may clear up some of your misconceptions about the supposed oil backing:
https://prodavinci.com/esta-el-petro-realmente-respaldado-por-reservas-petroleras/Remember, the government isn't promising to give you oil in exchange for petros. It's promising to give you the amount of bolívares that a barrel of oil is worth, based on the rate that they themselves set (and have set for 15 years, since exchange controls were enacted).