Venezuela's state oil company PDVSA is accelerating its shift towards using digital currency for crude oil and fuel exports in response to the US reimposition of oil sanctions.
The US Treasury Department's decision not to renew the general license for transactions with PDVSA, citing a lack of electoral reforms, caused the company to accelerate its transition to digital currencies such as USDT, also known as Tether. This strategy aims to reduce the risk of Venezuelan sales proceeds being frozen in foreign bank accounts due to sanctions.
Venezuelan Oil Minister Pedro Tellechea said in a statement last week that various currencies are used as stipulated in the contracts and that digital currencies are sometimes the preferred method of payment.
Traditionally, the US dollar is the dominant currency in global oil market transactions, and while cryptocurrency payments have emerged in some regions, they remain infrequent.
PDVSA's move into cryptocurrency was influenced by a corruption scandal last year that revealed nearly $21 billion in unaccounted claims for oil exports, some of which were linked to previous cryptocurrency transactions. Despite this setback, under Tellechea's leadership, Venezuela's oil exports rose to nearly 900,000 barrels per day in March, the highest level in four years.
PDVSA has now converted many spot oil deals to a contract model that requires upfront payment of half the cargo value in USDT. Additionally, the company requires new customers interested in oil transactions to hold cryptocurrency in a digital wallet, and this obligation is applied retroactively to some existing contracts.
During the six-month license period granted by Washington in October that allowed the resumption of trade with Venezuela, many trading houses and former PDVSA clients used intermediaries to fulfill digital transaction requirements. One trader noted the compliance challenges of USDT transactions in the oil industry, highlighting the dependence on intermediaries to facilitate these payments.
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