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 ...

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