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13
February 2019
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Venezuelan oil company (The
Total Investment & Insurance Solutions)
Venezuelan oil company PDVSA
is looking to double exports to India as U.S. sanctions hobble deliveries to
the United States and Europe.
The United States and most Western countries
have recognized 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 Jan. 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 United States.
Before the sanctions, PDVSA shipped over
500,000 bpd to the United States, 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 Industries Ltd and
Nayara Energy Ltd, to double their oil purchases.
“We are selling more than 300,000” bpd
to Indian buyers, Quevedo said on Monday in New Delhi. “We want to double that
amount.”
Venezuela is open to barter arrangements with
India using oil as payment, he said, but did elaborate.
Two supertankers, Baghdad and Folegandros I,
left from Venezuela’s Jose terminal late on Monday carrying cargoes destined
for Indian ports.
Refinitiv Eikon ship tracking data showed
several other tankers carrying Venezuelan crude or fuel towards Asia.The Total Investment & Insurance
Solutions
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