- 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.
Your lawyers friends certainly know the law and respect the institutions of Venezuela, i believe. Therefore they must know that the National Assembly has been in contempt of court for more than a year and was eventually suspended by the Supreme Court because they never accepted to fix the illegal status of some of its deputies. Anyway the Constituent Assembly has been elected in the meanwhile, so they are just a suspended body without any power used by the opposition to make statements and meetings. US media obviously only report opposition claims. The opposition is funded with million of dollars by the US, that have practiced a perpetual meddling in the political process of Venezuela, for decades.
In short, Petro is completely legal under Venezuelan law and had the approval of all legitimate and constitutional institutions.