Venezuela seeks to double oil exports to India as US sanctions bite
Analysts say this could prove difficult as the US puts pressure on countries dealing with its enemies
Houston/Mexico City/Moscow — Venezuelan oil company PDVSA is looking to double exports to India as US sanctions hobble deliveries to the US and Europe. The US and most Western countries have recognised opposition leader Juan Guaido as Venezuela’s head of state, but President Nicolas Maduro retains the backing of Russia and China as well as control of state institutions including the military. The country’s oil exports since the sanctions took effect on January 28 have fallen to 1.15-million barrels per day (bpd) of crude and refined products, Refinitiv Eikon data showed, down from about 1.4-million bpd. In response, Venezuela is turning its focus to buyers paying in cash, especially in India, its second-largest customer after the US. Before the sanctions, PDVSA shipped more than 500,000 bpd to the US, its largest cash market, followed by India, at above 300,000 bpd and then China. Venezuela has sent its oil minister, Manuel Quevedo, to India to convince refiners, including Reliance ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.