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According to a Reuters Exclusive report, Venezuela’s state-run oil company, PDVSA, is ramping up its use of digital currencies, particularly USDT (Tether), in its crude and fuel exports. This move comes as the United States is set to reimpose oil sanctions on the country after a general license was not renewed due to a lack of electoral reforms.
According to Reuters, Venezuela’s state-owned oil company PDVSA turned to USDT as the United States reimposed oil sanctions on Venezuela. In some contracts digital currencies might be the preferred payment. PDVSA also requires any new customers to hold cryptocurrencies. PDVSA was…
— Wu Blockchain (@WuBlockchain) April 23, 2024
Citing three people familiar with the plan, Reuters reports that PDVSA aims to reduce the risk of sale proceeds being frozen in foreign bank accounts due to U.S. measures. Venezuelan oil minister Pedro Tellechea confirmed that different currencies, including digital currencies, might be the preferred payment method in some contracts.
The shift towards cryptocurrency has been gradually taking place since last year, but the return of oil sanctions is accelerating the process. PDVSA is now requiring new customers to hold cryptocurrency in a digital wallet, even in old contracts that do not specifically state the use of USDT.
USDT Payment Move Could Slash PDVSA’s Income
Despite the unusual nature of paying for oil in digital currencies, trading houses and former PDVSA customers have resorted to intermediaries to meet the digital transaction requirements. This reliance on middlemen could help PDVSA skirt sanctions, but it will also result in a smaller portion of oil proceeds ending up in the company’s pockets.
Minister Tellechea remains optimistic about Venezuela’s oil industry, telling Reuters that PDVSA has “a big strength in trading” and is prepared to address the return of U.S. sanctions. However, oil analysts expect that Venezuela’s oil output, exports, and revenue “will soon hit a ceiling,” even if Washington promptly issues individual authorizations.
As Venezuela navigates the complex landscape of U.S. sanctions and the global oil market, its increasing reliance on digital currencies marks a significant shift in the industry. The success of this strategy will depend on PDVSA’s ability to adapt to the changing circumstances and maintain its trading relationships.
Tether is currently the third-largest cryptocurrency, with a market cap of $90.7 billion and a 24-hour trading volume of $1.28 billion.
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