Violent protests have broken out in places across the Venezuelan capital Caracas on July 29, in the aftermath of the country’s presidential election. Far-right mobs have attempted to block major roads, including the road next to the Simón Bolívar International Airport, and have attacked buses, police cars, and members of the country’s security forces. The protests seem to be in response to calls by the defeated far-right opposition that on Sunday evening refused to recognize the victory of Nicolás Maduro.

Protests break out in Venezuela, one killed, anti-govt. protestors challenge election result

Venezuelan President Nicolas Maduro on Monday (July 29) won a third term in office with 51 per cent of the vote, the country's electoral authority said despite multiple exit polls which pointed to an opposition win. Maduro, 61, will now be president for another six years. In office since 2013, he is accused of locking up critics and harassing the opposition in a climate of rising authoritarianism.

Venezuela Presidential Elections 2024: Incumbent Nicolas Maduro wins third term

Venezuelans are lining in queues on Sunday (Jul 28) as the country goes to a highly consequential presidential election. President Nicolas Maduro is in for an uphill task to defeat the opposition coalition, the Democratic Unitary Platform. “I’m doing this for my children and my grandchildren,” one voter, Amelia Perez, was quoted as saying by CNN.&nbsp;

President Maduro is seeking a third term in office, with the past two terms marred with allegations of violent repression and a glaring botch up of the once-flourishing economy.

Also read:&nbsp;<a data-ved="2ahUKEwiyq9-brMqHAxXNT2wGHSpmDIwQxfQBKAB6BAgSEAE" href="https://www.wionews.com/world/venezuela-elections-meet-maria-corina-machado-the-iron-lady-slaying-her-way-to-challenge-president-maduro-744101" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/world/venezuela-elections-meet-maria-corina-machado-the-iron-lady-slaying-her-way-to-challenge-president-maduro-744101&amp;ved=2ahUKEwiyq9-brMqHAxXNT2wGHSpmDIwQxfQBKAB6BAgSEAE">Venezuela elections: Meet María Corina Machado, the `Iron Lady` slaying her way to challenge President Maduro</a>

The oil-rich nation was once the fifth-largest economy in Latin America but its economy has shrunk over the last decade.

Nations like the US, as well as European Union, have imposed crippling sanctions on the country, but those have failed to topple the Maduro regime. Under his watch, almost 8 million people have fled the nation amid shortages of vital goods and soaring inflation.

<h2>Minor irregularities</h2>

The opposition initially reported minor irregularities but the polling was going smoothly in most of the country.

There are concerns that the Maduro regime may not allow free and fair elections. Previous polls were also marred with allegations of rigging, which the government vehemently denied. However, members of the opposition coalition were present at each polling station to ensure no breach was allowed to happen.

A team of election observers is also on the ground, including one from the Carter Center – a non-profit organization set up by former US President Jimmy Carter.

Watch:&nbsp;Venezuela Elections 2024: All eyes are on Venezuela elections

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Opposition has urged the country's military, which has supported the Maduro regime in the past, to respect the results.

Latin American leaders, including Brazilian President Luiz Inácio Lula da Silva, have also called on the Venezuelan leader to step down if he loses in the elections.

“The military is absolutely key. But I must also say that the military is very hermetic, [and] it is very difficult to access information about what it is thinking,” Laura Cristina Dib, the Venezuela Program Director of Venezuela Programme at the Washington Office on Latin America (WOLA), was quoted as saying by CNN.

(With inputs from agencies)

Venezuelans are lining in queues on Sunday (Jul 28) as the country goes to a highly consequential presidential election. President Nicolas Maduro is in for an uphill task to defeat the opposition coalition, the Democratic Unitary Platform.

Venezuelans are lining in queues on Sunday (Jul 28) as the country goes to a highly consequential presidential election. President Nicolas Maduro is in for an uphill task to defeat the opposition coalition, the Democratic Unitary Platform. “I’m doing this for my children and my grandchildren,” one voter, Amelia Perez, was quoted as saying by CNN. President Maduro is seeking a third term in office, with the past two terms marred with allegations of violent repression and a glaring botch up of the once-flourishing economy. Also read: Venezuela elections: Meet María Corina Machado, the `Iron Lady` slaying her way to challenge President Maduro The oil-rich nation was once the fifth-largest economy in Latin America but its economy has shrunk over the last decade. Nations like the US, as well as European Union, have imposed crippling sanctions on the country, but those have failed to topple the Maduro regime. Under his watch, almost 8 million people have fled the nation amid shortages of vital goods and soaring inflation. Minor irregularities The opposition initially reported minor irregularities but the polling was going smoothly in most of the country. There are concerns that the Maduro regime may not allow free and fair elections. Previous polls were also marred with allegations of rigging, which the government vehemently denied. However, members of the opposition coalition were present at each polling station to ensure no breach was allowed to happen. A team of election observers is also on the ground, including one from the Carter Center – a non-profit organization set up by former US President Jimmy Carter. Watch: Venezuela Elections 2024: All eyes are on Venezuela elections × Opposition has urged the country's military, which has supported the Maduro regime in the past, to respect the results. Latin American leaders, including Brazilian President Luiz Inácio Lula da Silva, have also called on the Venezuelan leader to step down if he loses in the elections. “The military is absolutely key. But I must also say that the military is very hermetic, [and] it is very difficult to access information about what it is thinking,” Laura Cristina Dib, the Venezuela Program Director of Venezuela Programme at the Washington Office on Latin America (WOLA), was quoted as saying by CNN. (With inputs from agencies)

Venezuela: President Maduro faces uphill battle in highly consequential presidential polls

Nicolás Maduro has been declared the winner of the presidential election, securing his third term in office. However, this victory is mired in controversy, with opposition leaders vehemently disputing the results.

Transparency of Venezuelan election under scanner

Venezuela Elections 2024: Incumbent President Nicolas Maduro re-elected

Polls open in Venezuela on Sunday as Western officials called for a fair election between President Nicolas Maduro and rival Edmundo Gonzalez Urrutia. Around 21 million people are registered to vote.

Venezuela Presidential Elections 2024: Nicolas Maduro vs Edmundo Gonzalez; Maduro seeks 3rd term

Venezuela Elections 2024: Cheers and tears as President Maduro wins

Venezuela Elections 2024: Opposition rejects Maduro's victory claim

Venezuela Elections 2024: Incumbent Nicolas Maduro wins third term

When Nicolas Maduro Moras took over charge at Venezuela after the untimely death of revolutionary socialist leader Hugo Chavez in 2013, not many expected him to have such a long stint at the helm. On Sunday (July 28), Maduro, the 61-year-old former bus driver declared himself the victor the contentious presidential election of the South American nation. This will be his third consecutive term, which lasts for another six years.

The election results were immediately rejected by opposition leader Maria Corina Machado. Maria herself was banned by Madoro's regime from contesting, and instead the&nbsp;opposition fielded&nbsp;Edmundo Gonzalez. The opposition is claiming that Gonzalez&nbsp;&nbsp;won 70 per cent of the vote. But for now, Maduro appears to be firmly in the driver's seat yet again, all set for a third term as president.

<h2>Who is Nicolas Maduro?</h2>

Maduro was born into a working class Roman Catholic family in Caracas. His father was a prominent trade unionist.

A bus driver by profession, Maduro was part of Hugo Chavez's United Socialist Party. Having risen through its trade union, he was elected to the country's parliament, the National Assembly, for the first time in 2000.

Soon Maduro became the right hand man of Chavez, who was a fan of Che Guevera, and had led 'silent coups' to become president. The positions Maduro held over time include the president of National Assembly (2005-06) and foreign minister (2006-13) before becoming the vice president under Chavez (2012-13). &nbsp;

Eventually after Chavez died of cancer, Maduro took charge as president in 2013, winning the special presidential election.

<h2>Not a smooth ride for the former bus driver</h2>

But power was not a smooth ride for the leader of the oil-rich country. Venezuela has been for years the site of political experimentations by the US, which saw it as part of the sphere of influence and was averse to a communist leadership in the country. Like it did in the case of Cuba and Chile, and numerous other Latin American countries during much of the Cold War era, the US tried to oust Maduro in a number of ways, including by supporting and propping up alternative leaders.&nbsp;

Prominent among such leaders was the former speaker of the Venezuelan parliament Geaido. He was feted in the US and at one point gave a tough challenge to Maduro, but the socialist party machinery managed to weather that storm too.

<a href="https://www.wionews.com/world/venezuela-election-president-nicolas-maduro-wins-third-term-745123">Also read |&nbsp;Venezuela election: President Nicolas Maduro wins third term, opposition rejects result</a>

<h2>Venezuela under Maduro: A nation under siege</h2>

What could have been one of the richest nations due to its oil wealth, Venezuela continued to languish in poverty under Maduro. But his ground support among the working classes remained strong, something that helped him maintain a firm grip on power. Venezuela faced immense inflation, with its currency highly devalued, and natural resources like petroleum nationalised by the Maduro regime. Essential goods shortages had led many Venezuelans to flee the country, particularly to neighbouring Colombia. 
&nbsp;

Under Maduro's regime, at least seven million people have fled the country and more than 20,000 people died in extrajudicial killings according to human rights observers.&nbsp;

<a href="https://www.wionews.com/videos/venezuela-presidential-elections-2024-incumbent-nicolas-maduro-wins-third-term-745164">Watch |&nbsp;Venezuela Presidential Elections 2024: Incumbent Nicolas Maduro wins third term</a>

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&nbsp;

<h2>Facing down the Opposition, the Maduro way</h2>

Maduro has ruled with an iron fist, inspite of multiple protests challenging him. Those include the mainly middle class agitations in 2014. In 2015, the National Assembly was won by opposition parties, yet Maduro held on to power, with the so-called Supreme Tribunal, the National Electoral Council and the armed forces on his side.

He quelled a recall effort in 2016, led by the speaker of the opposition-led National Assembly Juan Guaidó. He had done this by making the Supreme Tribunal remove the powers of the assembly, which had led to further protests in 2017. To solve the constitutional crisis created by this situation, Maduro made efforts to rewrite the constitution.&nbsp;

At one point, there was even a strange situation of 'two presidents' in Venezuela. While Maduro was sworn in as president after the May 2018 presidential elections, the opposition-led National Assembly declared its leader Guaido as interim president. The tussle continued for four years, with Guaido explicitly backed by the US, which even invited him to the Congress.

(With inputs from agencies) 
&nbsp;

When Nicolas Maduro Moras took over charge at Venezuela after the untimely death of revolutionary socialist leader Hugo Chavez in 2013, not many expected him to have such a long stint at the helm.

When Nicolas Maduro Moras took over charge at Venezuela after the untimely death of revolutionary socialist leader Hugo Chavez in 2013, not many expected him to have such a long stint at the helm. On Sunday (July 28), Maduro, the 61-year-old former bus driver declared himself the victor the contentious presidential election of the South American nation. This will be his third consecutive term, which lasts for another six years. The election results were immediately rejected by opposition leader Maria Corina Machado. Maria herself was banned by Madoro's regime from contesting, and instead the opposition fielded Edmundo Gonzalez. The opposition is claiming that Gonzalez won 70 per cent of the vote. But for now, Maduro appears to be firmly in the driver's seat yet again, all set for a third term as president. Who is Nicolas Maduro? Maduro was born into a working class Roman Catholic family in Caracas. His father was a prominent trade unionist. A bus driver by profession, Maduro was part of Hugo Chavez's United Socialist Party. Having risen through its trade union, he was elected to the country's parliament, the National Assembly, for the first time in 2000. Soon Maduro became the right hand man of Chavez, who was a fan of Che Guevera, and had led 'silent coups' to become president. The positions Maduro held over time include the president of National Assembly (2005-06) and foreign minister (2006-13) before becoming the vice president under Chavez (2012-13). Eventually after Chavez died of cancer, Maduro took charge as president in 2013, winning the special presidential election. Not a smooth ride for the former bus driver But power was not a smooth ride for the leader of the oil-rich country. Venezuela has been for years the site of political experimentations by the US, which saw it as part of the sphere of influence and was averse to a communist leadership in the country. Like it did in the case of Cuba and Chile, and numerous other Latin American countries during much of the Cold War era, the US tried to oust Maduro in a number of ways, including by supporting and propping up alternative leaders. Prominent among such leaders was the former speaker of the Venezuelan parliament Geaido. He was feted in the US and at one point gave a tough challenge to Maduro, but the socialist party machinery managed to weather that storm too. Also read | Venezuela election: President Nicolas Maduro wins third term, opposition rejects result Venezuela under Maduro: A nation under siege What could have been one of the richest nations due to its oil wealth, Venezuela continued to languish in poverty under Maduro. But his ground support among the working classes remained strong, something that helped him maintain a firm grip on power. Venezuela faced immense inflation, with its currency highly devalued, and natural resources like petroleum nationalised by the Maduro regime. Essential goods shortages had led many Venezuelans to flee the country, particularly to neighbouring Colombia. Under Maduro's regime, at least seven million people have fled the country and more than 20,000 people died in extrajudicial killings according to human rights observers. Watch | Venezuela Presidential Elections 2024: Incumbent Nicolas Maduro wins third term × Facing down the Opposition, the Maduro way Maduro has ruled with an iron fist, inspite of multiple protests challenging him. Those include the mainly middle class agitations in 2014. In 2015, the National Assembly was won by opposition parties, yet Maduro held on to power, with the so-called Supreme Tribunal, the National Electoral Council and the armed forces on his side. He quelled a recall effort in 2016, led by the speaker of the opposition-led National Assembly Juan Guaidó. He had done this by making the Supreme Tribunal remove the powers of the assembly, which had led to further protests in 2017. To solve the constitutional crisis created by this situation, Maduro made efforts to rewrite the constitution. At one point, there was even a strange situation of 'two presidents' in Venezuela. While Maduro was sworn in as president after the May 2018 presidential elections, the opposition-led National Assembly declared its leader Guaido as interim president. The tussle continued for four years, with Guaido explicitly backed by the US, which even invited him to the Congress. (With inputs from agencies)

Who is Nicolas Maduro, Venezuela's bus driver-turned-president, who won yet another term?

Headlines of the hour: - Venezuela polls: Maduro vows 'peace, stability' after win - Venezuela results not accurate: Blinken - IDF: Drone from Lebanon shot down - Beirut Airport cancels flights - Delhi: 13 illegal coaching centres sealed

Beirut airport cancels flights | Delhi: 13 illegal coaching centres sealed

Venezuela Elections 2024: Maduro says his reelection is a triumph of peace and stability

Venezuela elections: Maduro says he will ensure the results are respected

Venezuela is set for an intense political battle between the ruling President Nicolas Maduro and the country's opposition Alliance. Voting will be held in the country on Sunday (July 28) and countries the world over are watching very closely to ensure that the election remains free and fair. Watch in for more details!

Venezuela Elections 2024: All eyes are on Sunday's Venezuela elections

Venezuela Elections 2024: US, Chile call on Venezuela to conduct peaceful & fair polls

In just two days from now the Venezuelans will be voting to elect their next leader. In the backdrop of a crippling economy the opposition coalition is pulling out all stops to try and dethrone the incumbent Nicolas Maduro who's seeking a third straight term in office. Watch in for more details!

Venezuela Elections: Nicolas Maduro seeks to retain Presidency for third term

In Venezuela, the opposition has a presidential candidate who is not banned from the presidential contesting elections that'll be held on the 28th of July. The country's main opposition block has unanimously agreed to support a rather low-profile candidate and a former diplomat Edmundo Gonzalez for the upcoming polls.

Venezuela Elections 2024: Thousands rally in support of President Maduro

Due to the warming temperatures, Venezuela has reached a grim milestone in the battle against climate change. The vanishing of its last glacier, makes it the first nation to witness the complete melting of all its ice formations.

End of Venezuelan eternal snows

Venezuela: Opposition picks former diplomat as Presidential Candidate

Scientists have reclassified the last remaining glacier of Venezuela as an ice field after it shrunk and is&nbsp;no longer&nbsp;a&nbsp;glacier. In the world's struggle against climate change, Venezuela has become the first nation to have lost all its glaciers in modern times.&nbsp;

The South American nation had six glaciers as recently as 1910. The glaciers covered a combined area of 1,000 square kilometres. However, amid the global heating, these glaciers have shrunk&nbsp;so much, that they do not match the criteria for being classified as glaciers.&nbsp;

All six glaciers were located in the Sierra Nevada de Mérida mountain range, out of which five disappeared by 2011. The Humboldt glacier was the only one left near the country's second-highest peak, Pico Humboldt. Now, it is also gone.&nbsp;

A report by news agency AFP mentioned that the government hopes to restore the glacier to its former glory using a geothermal blanket. But some think that it's too little, too late.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/have-we-already-lost-the-battle-april-continues-damning-11-month-trend-emerges-as-hottest-since-1940-719261">Have we 'already lost climate battle'?: April continues damning 11-month trend, emerges as hottest since 1940</a>&nbsp;

Julio Cesar Centeno, a university professor and advisor to the UN Conference on Environment and Development (UNCED), told AFP: "In Venezuela, there are no more glaciers. What we have is a piece of ice that is 0.4 per cent of its original size."&nbsp;

Several experts, including Centeno, are convinced that the loss of the Humboldt glacier, also known as La Corona, is irreversible. The glacier is some 4,900 metres above sea level.&nbsp;

It was projected that the Humboldt glacier would last at least another decade, but it melted much faster than expected. It is now in an area of less than two hectares.&nbsp;

As quoted by The Guardian, Maximiliano Herrera, a climatologist and weather historian, said, "Other countries lost their glaciers several decades ago after the end of the little ice age but Venezuela is arguably the first one to lose them in modern times."&nbsp;

Indonesia, Mexico and Slovenia will also lose their glacier cover, said Herrera.

Also read:&nbsp;<a href="https://www.wionews.com/world/malaysia-plans-to-offer-orangutan-diplomacy-to-major-importers-of-palm-oil-719490">Malaysia plans to introduce ‘orangutan diplomacy’ for nations that import palm oil</a>&nbsp;

<h2>What the government is doing to mitigate the problem?&nbsp;</h2>

Similar to what European countries use to protect ski slopes in warmer weather, the Venezuelan government announced a plan in December to slow the melting, They said they will cover the area with a thermal mesh made of polypropylene plastic. It would stop the sun's rays.&nbsp;

The cover was delivered to Humboldt Peak by helicopter in 35 separate pieces, each measuring 2.75 meters by 80 metres, in December, but the government has not said whether it has already been unrolled. Scientists are also sceptical of the idea.&nbsp;

(With inputs from agencies)&nbsp;

Scientists have reclassified the last remaining glacier of Venezuela as an ice field after it shrunk and is no longer a glacier. In the world's struggle against climate change, Venezuela has become the first nation to have lost all its glaciers in modern times.

Scientists have reclassified the last remaining glacier of Venezuela as an ice field after it shrunk and is no longer a glacier. In the world's struggle against climate change, Venezuela has become the first nation to have lost all its glaciers in modern times. The South American nation had six glaciers as recently as 1910. The glaciers covered a combined area of 1,000 square kilometres. However, amid the global heating, these glaciers have shrunk so much, that they do not match the criteria for being classified as glaciers. All six glaciers were located in the Sierra Nevada de Mérida mountain range, out of which five disappeared by 2011. The Humboldt glacier was the only one left near the country's second-highest peak, Pico Humboldt. Now, it is also gone. A report by news agency AFP mentioned that the government hopes to restore the glacier to its former glory using a geothermal blanket. But some think that it's too little, too late. Also read: Have we 'already lost climate battle'?: April continues damning 11-month trend, emerges as hottest since 1940 Julio Cesar Centeno, a university professor and advisor to the UN Conference on Environment and Development (UNCED), told AFP: "In Venezuela, there are no more glaciers. What we have is a piece of ice that is 0.4 per cent of its original size." Several experts, including Centeno, are convinced that the loss of the Humboldt glacier, also known as La Corona, is irreversible. The glacier is some 4,900 metres above sea level. It was projected that the Humboldt glacier would last at least another decade, but it melted much faster than expected. It is now in an area of less than two hectares. As quoted by The Guardian, Maximiliano Herrera, a climatologist and weather historian, said, "Other countries lost their glaciers several decades ago after the end of the little ice age but Venezuela is arguably the first one to lose them in modern times." Indonesia, Mexico and Slovenia will also lose their glacier cover, said Herrera. Also read: Malaysia plans to introduce ‘orangutan diplomacy’ for nations that import palm oil What the government is doing to mitigate the problem? Similar to what European countries use to protect ski slopes in warmer weather, the Venezuelan government announced a plan in December to slow the melting, They said they will cover the area with a thermal mesh made of polypropylene plastic. It would stop the sun's rays. The cover was delivered to Humboldt Peak by helicopter in 35 separate pieces, each measuring 2.75 meters by 80 metres, in December, but the government has not said whether it has already been unrolled. Scientists are also sceptical of the idea. (With inputs from agencies)

Venezuela now bereft of glaciers as the last remaining one turns into just an ice field

The US Treasury department has re-imposed sanctions on Venezuela's state-run oil company, PDVSA. In response, the oil giant is increasingly relying on digital currency, specifically tether, for sales.

Venezuela turns to digital currency as US Sanctions bite

Venezuela's state-owned oil company, PDVSA, is set to increase the use of digital currencies in its crude and fuel exports as the United States reinstates oil sanctions on the country, Reuters reported citing sources familiar with the matter.<o:p></o:p>

Following the US Treasury Department's decision not to renew a general license due to a lack of electoral reforms, PDVSA's customers and providers have until May 31 to conclude transactions, setting the stage for a major shift in payment methods. <o:p></o:p>

The reappearance of oil sanctions complicates Venezuela's efforts to strengthen oil output and exports, prompting PDVSA to accelerate its transition to digital currencies, particularly USDT, to mitigate the risk of frozen proceeds in foreign bank accounts. <o:p></o:p>

Venezuelan Oil Minister Pedro Tellechea confirmed the adoption of various currencies, including digital ones, in accordance with contractual agreements.<o:p></o:p>

PDVSA's gradual transition to digital currencies gained momentum last year, with a particular focus on USDT, a stablecoin tied to the value of the US dollar. <o:p></o:p>

The recent escalation of sanctions hastens this transition, as PDVSA seeks to safeguard its revenue streams from possible disruptions caused by restrictive measures imposed by the US. <o:p></o:p>

Notably, the move towards digital currencies aims to address concerns stemming from a corruption scandal that rocked PDVSA last year, involving unaccounted receivables amounting to $21 billion, partly associated with transactions involving other cryptocurrencies.<o:p></o:p>

Under Minister Tellechea's leadership, Venezuela's oil exports saw a resurgence, reaching about 900,000 barrels per day in March, the highest level in four years. <o:p></o:p>

In order to move in line with the market dynamics and regulatory requirements, PDVSA implemented a contractual model demanding prepayment in USDT for half of each cargo's value, transitioning away from traditional spot oil deals. <o:p></o:p>

Moreover, new customers seeking to engage in oil transactions with PDVSA are mandated to hold cryptocurrency in a digital wallet, a requirement enforced even in existing contracts that do not explicitly specify the use of USDT. <o:p></o:p>

While such measures aim to align with evolving payment preferences, traders have voiced challenges in complying with PDVSA's USDT transaction demands, often requiring the involvement of intermediaries to facilitate transactions.<o:p></o:p>

The reliance on intermediaries for oil transactions, particularly along with US sanctions, offers PDVSA a means to sidestep restrictive measures, albeit at the cost of reduced proceeds from oil sales. <o:p></o:p>

Minister Tellechea remains optimistic about Venezuela's resilience in the face of renewed sanctions, expressing confidence in PDVSA's trading capabilities and its preparedness to navigate challenging market conditions. <o:p></o:p>

However, oil analysts expect that Venezuela's oil output, exports, and revenue may encounter limitations, notwithstanding potential individual authorisations issued by the US. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Venezuela's state-owned oil company, PDVSA, is set to increase the use of digital currencies in its crude and fuel exports as the United States reinstates oil sanctions on the country, Reuters reported citing sources familiar with the matter.

Venezuela's state-owned oil company, PDVSA, is set to increase the use of digital currencies in its crude and fuel exports as the United States reinstates oil sanctions on the country, Reuters reported citing sources familiar with the matter. Following the US Treasury Department's decision not to renew a general license due to a lack of electoral reforms, PDVSA's customers and providers have until May 31 to conclude transactions, setting the stage for a major shift in payment methods. The reappearance of oil sanctions complicates Venezuela's efforts to strengthen oil output and exports, prompting PDVSA to accelerate its transition to digital currencies, particularly USDT, to mitigate the risk of frozen proceeds in foreign bank accounts. Venezuelan Oil Minister Pedro Tellechea confirmed the adoption of various currencies, including digital ones, in accordance with contractual agreements. PDVSA's gradual transition to digital currencies gained momentum last year, with a particular focus on USDT, a stablecoin tied to the value of the US dollar. The recent escalation of sanctions hastens this transition, as PDVSA seeks to safeguard its revenue streams from possible disruptions caused by restrictive measures imposed by the US. Notably, the move towards digital currencies aims to address concerns stemming from a corruption scandal that rocked PDVSA last year, involving unaccounted receivables amounting to $21 billion, partly associated with transactions involving other cryptocurrencies. Under Minister Tellechea's leadership, Venezuela's oil exports saw a resurgence, reaching about 900,000 barrels per day in March, the highest level in four years. In order to move in line with the market dynamics and regulatory requirements, PDVSA implemented a contractual model demanding prepayment in USDT for half of each cargo's value, transitioning away from traditional spot oil deals. Moreover, new customers seeking to engage in oil transactions with PDVSA are mandated to hold cryptocurrency in a digital wallet, a requirement enforced even in existing contracts that do not explicitly specify the use of USDT. While such measures aim to align with evolving payment preferences, traders have voiced challenges in complying with PDVSA's USDT transaction demands, often requiring the involvement of intermediaries to facilitate transactions. The reliance on intermediaries for oil transactions, particularly along with US sanctions, offers PDVSA a means to sidestep restrictive measures, albeit at the cost of reduced proceeds from oil sales. Minister Tellechea remains optimistic about Venezuela's resilience in the face of renewed sanctions, expressing confidence in PDVSA's trading capabilities and its preparedness to navigate challenging market conditions. However, oil analysts expect that Venezuela's oil output, exports, and revenue may encounter limitations, notwithstanding potential individual authorisations issued by the US. (With inputs from Reuters)

Venezuela accelerates shift to cryptocurrency amid return of oil sanctions

Venezuela is going to polls this July the incumbent government of Nicholas Maduro has come under the scanner for silencing his opposition. In the latest to take notice is the United States the Joe Biden Administration has imposed sanctions on its oil industry.

Venezuela's court orders party restructuring | Primero Justicia's restructuring ordered for 2nd time

Venezuela: US to sanction Venezuela's oil industry as Washington wary about free and fair polls

US sanctions on Venezuela make headlines, as Washington threatens embargo over questions of free and fair elections in the country. But Nicolas Maduro is not one to back down, as the president eyes a third term in office.

Venezuela elections under scanner

A major Venezuelan opposition group has registered a candidate for July's presidential election to ensure a spot on the ballot, even though the primary winner and her alternate were unable to sign up, electoral authorities and sources said on Tuesday.

Tense political climate in Venezuela? Nicolas Maduro aiming for third term in polls

Here we bring to you WION's climate tracker that showcases climate stories from across the globe: Venezuela is battling a record number of wildfires as a climate change driven drought plagues the Amazon rainforest region. Watch in for more details!

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Venezuela is battling a record number of wildfires as a climate change driven drought plagues the Amazon rainforest region. Watch in for more details!

Wildfires hit Venezuela during climate driven drought

Venezuela opposition registers presidential candidate to keep spot on ballot

Venezuela's main opposition coalition says its candidate has been blocked from July's presidential election. Watch in for more details!

Venezuela's opposition candidate blocked from presidential polls

Venezuela's opposition leader Maria Corina Machado named professor Corina Yoris as her replacement in the 2024 presidential race. Watch in for more details!

Venezuela opposition leader names alternative

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