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Venezuela is accelerating the shift of its oil sales to Tether as the country prepares for the reimposition of oil sanctions. Reuters reported on Monday that…

With Venezuelan oil sanctions set to be reimposed and state-run PDVSA oil company buyers and suppliers under orders to close out transactions in line with sanctions by the end of May, the country is now working to shift its oil sales to digital currency

While the global oil market predominantly operates in US dollars, PDVSA's move towards digital currencies signifies a departure from traditional payment methods.

HOUSTON/CARACAS (Reuters) -Venezuela's state-run oil company PDVSA plans to increase digital currency usage in its crude and fuel exports as the U.S. reimposes oil sanctions on the country, three people familiar with the plan said. The U.S. Treasury Department last week gave PDVSA's customers and providers until May 31 to wind down transactions under a general license it did not renew due to a lack of electoral reforms. The move will make it more difficult for the country to increase oil output and exports as companies will have to wait for individual U.S. authorizations to do busi...

By Marianna Parraga and Deisy Buitrago HOUSTON/CARACAS (Reuters) - Venezuela's state-run oil company PDVSA plans to increase digital currency usage in its crude and fuel exports as the U.S. reimposes oil sanctions on the country, three people famil...