Current Affair
 
  • Mobile Menu
HOME
LOG IN SIGN UP

Sign-Up IcanDon't Have an Account?


SIGN UP

 

Login Icon

Have an Account?


LOG IN
 

or
By clicking on Register, you are agreeing to our Terms & Conditions.
 
 
 

or
 
 




India becomes top buyer of Venezuelan crude in February

Thu 21 Feb, 2019

  • India became the No. 1 buyer of Venezuelan crude in the first half of February, with imports jumping 66 per cent to 620,000 barrels a day, according to Bloomberg.
  • The companies that have been buying crude from Venezuela are Reliance Industries Ltd. (RIL) and Nayara Energy (formerly Essar and which is partly owned by Russia’s Rosneft). However, Venezuelan crude exports have plunged since the US imposed sanctions against the country's oil company.
  • The US, which was the largest market for Venezuelan crude, will now terminate imports completely after sanctions were imposed on Petroleos de Venezuela, S.A (PdVSA). Essentially, the sanctions seek to deprive the Nicolas Maduro government of oil revenues worth $11 billion, besides blocking some $7 billion in state assets. Moreover, all property and interests in property of PdVSA that are subject to US jurisdiction would be frozen.
  • Venezuela was open to conducting trade with India through a barter system, which would provide India with the opportunity to balance its trade with Venezuela but India don't have any barter system with Venezuela currently.