US Sanctions Help India Become #1 Buyer of Venezuelan Crude

Imports of Venezuela’s oil by India surged 66 percent in the first half of February to 620,000 barrels a day. The country boosted its purchases from the Latin American nation after US stopped shipments from Caracas.
Indian refiners Reliance Industries and Nayara Energy were driving the import boost. Venezuela has sent its oil minister, Manuel Quevedo, to India to convince refiners to double their oil purchases.

“We are selling more than 300,000” bpd to Indian buyers, Quevedo said on Monday in New Delhi, adding: “We want to double that amount.”

Two supertankers sailed off late on Monday from Venezuela’s Jose terminal carrying cargoes to Indian ports.

The South American nation, which is sitting on the world’s largest crude oil resources, has turned its focus to its second-largest consumer, India, since the US imposed sanctions against Venezuela’s state-run oil company PDVSA.

US President Donald Trump ratcheted up sanctions on January 28 which were designed to undercut financial support for Venezuelan President Nicolas Maduro.

As a result, Venezuelan crude exports plunged to 1.12 million barrels daily in the first half of February, down 9.2 percent compared with the same period in January. According to Refinitiv Eikon data, Venezuela was exporting about 1.4 million bpd in the months before sanctions.

US National Security Adviser, John Bolton, have threat India directly not to trade oil with Venezuela but as a response the Indian authorities have announced that to avoid sanctions they are planing to avoid using financial tradicional systems for payment.

 

Source URL: RT

Did you like this?
Tip orinocotribune with Cryptocurrency

Donate Bitcoin to orinocotribune

Scan to Donate Bitcoin to orinocotribune
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to orinocotribune

Scan to Donate Bitcoin Cash to orinocotribune
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to orinocotribune

Scan to Donate Ethereum to orinocotribune
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to orinocotribune

Scan to Donate Litecoin to orinocotribune
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to orinocotribune

Scan to Donate Monero to orinocotribune
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to orinocotribune

Scan to Donate ZCash to orinocotribune
Scan the QR code or copy the address below into your wallet to send some ZCash:

Related Post

Facebook Comments

One thought on “US Sanctions Help India Become #1 Buyer of Venezuelan Crude

Leave a Reply