Venezuela has sent its oil minister, Manuel Quevedo, to India to convince refiners to double their oil purchases.
Exports of Venezuela’s oil to India surged 66% in the first half of February to 620,000 barrels a day. India boosted its purchases from the Latin American nation after the USA halted crude shipments from Caracas.
Indian refiners Reliance Industries and Nayara Energy were driving the import boost.
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 USA imposed sanctions against Venezuela’s state-run oil company PdVSA.
Two supertankers sailed off from Venezuela’s Jose terminal carrying cargoes to Indian ports.
US President Donald Trump ratcheted up sanctions on January 28 which were designed to undercut financial support for Venezuelan President Nicolas Maduro.
Venezuela was exporting about 1.4 million bpd in the months before sanctions. But, as a result of the US bribery, Venezuelan crude exports plunged to 1.12 million barrels daily in the first half of February, down 9.2% compared with the same period in January.
RT. com / ABC Flash Point OPEC News 2019.