Venezuela’s PDVSA Looks to Increase Crypto Usage in Oil Exports Amid U.S. Sanctions

Venezuela’s state-run oil company, PDVSA, is reportedly planning to ramp up its use of cryptocurrencies in its crude and fuel exports as the U.S. tightens oil sanctions against the country. According to sources familiar with the matter cited in a Reuters report, PDVSA, the world’s fifth-largest oil exporter, is turning to stablecoin Tether (USDT) for fuel exports.

While the extent of PDVSA’s crypto utilization remains uncertain, insiders suggest that the company has been gradually transitioning its oil sales to USDT since last year. Venezuelan oil minister Pedro Tellechea acknowledged in a statement to Reuters that the country uses “different currencies, according to what is stated in contracts,” hinting that crypto could be the preferred payment method in some agreements.

PDVSA is said to be requiring new customers and potentially even existing contracts to maintain crypto holdings in digital wallets, although it is unclear whether crypto payments are the primary choice or a fallback option.

Venezuela has had previous experiences with cryptocurrencies, most notably with the Petro project. Launched in 2018 as a state-backed token linked to oil reserves, Petro faced controversy and struggled to gain widespread adoption. Despite initial hopes from President Nicolás Maduro to use Petro to navigate U.S. sanctions and economic challenges, the project was officially discontinued in January after nearly six years of effort.

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