Venezuela's state-run oil company has cut the time for foreign companies to pay for oil purchases from 30 days to eight days.

Petroleos de Venezuela SA (PDVSA) said in a statement Tuesday that the decision was made, in part, because of the falling value of the U.S. dollar.

PDVSA also said having the payments sooner will allow it to re-invest its income quickly and remain competitive in the world oil market.

Last year, the Venezuelan government took majority control of large oil projects from foreign companies. Oil companies like ExxonMobil and ConocoPhillips refused to accept new terms as junior partners.

The U.S. State Department has said Venezuela has the right to nationalize its assets but should provide fair compensation. Venezuela said it would not pay cash for the oil assets it takes over.

Some information for this report was provided by Bloomberg and Reuters.