Venezuela Hopes To Double Oil Exports With India

Venezuela has turned towards India to sell more oil after the United States imposed sanctions restricting payments from United States and Europe.

The South American Nation is focusing on cash payments with the world’s third largest consumer India.

After the U.S. sanctions were announced on the 28th of January, crude export in Venezuela fell to 1.15 million per day from 1.4 million per day. The U.S. sanctions were designed to cut off financial support to President Nicolas Maduro, the oil revenue has helped Maduro to remain in power all this while.

Two tankers from Venezuela were on their way to India, many other cargo ships from Venezuela were carrying fuel to Asia but their final destination was unclear.

For Venezuela to find customers in Asia would be tough due to the political and financial clout of the United States. Analysts from Goldman Sachs say that Venezuela won’t be able to find buyers beyond India and China in Asia.

Venezuelan oil minister Manuel Quevedo is in India to convince refineries to double oil purchases. Currently, India buys 3,00,000 barrels per day from Venezuela.

The cash strapped nation is even agreeing for a barter system with India like it does with Turkey.