Venezuela Turns To India For Major Oil Exports As US Sanctions BiteMOSCOW: Venezuela’s oil exports have tapered off and shifted toward India since new US sanctions began on January 28 as state-run oil company PDVSA seeks to replace deliveries to the United States and Europe that were disrupted by payment restrictions. US Sanctions are designed to bar Nicolas Maduro’s access to oil revenue that has helped his government remain in power. Venezuela was exporting about 1.4 million barrels per day in the months before sanctions, according to the Eikon data. The latter supplies PDVSA oil to Vadinar, India’s second largest refinery, under a Rosneft payment for loan program that dates to 2014. Nayara receives around half of Venezuelan crude supplied to Rosneft, with the remainder shipped to Europe, including Rosneft operations in Germany.

Source: Energy Bangla February 13, 2019 04:41 UTC