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News > World

Venezuela Seeks to Double Oil Exports to India

  • Venezuelan Oil Minister Manuel Quevedo

    Venezuelan Oil Minister Manuel Quevedo | Photo: EFE

Published 11 February 2019

Caracas, which buys medicines and other products from India, is looking for alternative payment methods after the United States imposed stringent sanctions on Venezuela's state oil firm PDVSA in a bid to push out President Nicolas Maduro.

Venezuela wants to double its oil sales to India and is open to barter payment arrangements with the world's third biggest crude consumer, Venezuelan Oil Minister Manuel Quevedo said on Monday.

Cuba Rips US Security Council Resolution on Venezuela in 

"India also wants to increase the intake," Quevedo said after a meeting with Indian refiners. "We are selling more than 300,000 barrels a day but of course we want to increase that and India also wants to increase the intake from Venezuela. We want to double that amount."

Reliance Industries Ltd and Nayara Energy, part-owned by Russia's Rosneft, both buy Venezuelan oil.

Quevedo, whose country holds the rotating presidency of the Organization of the Petroleum Exporting Countries, said it was important to listen to oil-consuming nations as OPEC and other producers sought to balance supply and demand in the oil market.

Venezuela's self-proclaimed president Juan Guaido, who has been recognized by the United States and some of its conservative allies, is setting up bank accounts with U.S. help to take income accrued by PDVSA's U.S. refining subsidiary Citgo Petroleum Corp.

In response, PDVSA is taking steps to remove at least two American executives from Citgo's board of directors, sources familiar with the matter told Reuters.

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