Bolivia Prohibits State-Owned Oil Company from Using Cryptocurrency for Energy Procurement Settlement
According to Bitcoin.com, Bolivian President Luis Arce has signed an executive order prohibiting the use of crypto assets for energy procurement settlements. The order, issued on May 23, primarily targets the state-owned oil company YPFB and aims to curb speculative activities involving cryptocurrencies and stablecoins on exchanges like Binance. YPFB President Armin Dorgathen stated that the company has never used cryptocurrencies for transactions due to the oil industry's lack of acceptance of crypto assets and the incomplete regulatory framework. Previously, there were reports that YPFB was considering using cryptocurrencies for energy payments due to foreign exchange shortages, but this executive order will eliminate such possibilities in the short term.
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EIA expects Brent crude spot prices to remain at $100 per barrel for the rest of the year and raises the average price forecasts for this year and next.
The U.S. Energy Information Administration (EIA) has raised its forecast for average Brent crude oil prices in 2026 and 2027 to $97 and $86, respectively, reflecting pressures from global inventory declines, Middle East supply disruptions, and rising transportation costs. As oil production in the Middle East gradually recovers and global inventories rebound from low levels, the EIA expects the average spot price of Brent crude to fall to $87 per barrel in the second quarter of 2027, and further decline to $77 per barrel by the fourth quarter.
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