Venezuela open to barter commerce with India to spice up oil gross sales

NEW DELHI (Reuters) – Venezuela is open to barter-like funds from India to spice up oil gross sales to the world’s third-biggest oil client, the South American nation’s oil minister Manuel Quevedu stated on Monday.

Venezuela’s Oil Minister and President of Venezuelan state-run oil firm PDVSA Manuel Quevedo (C) arrives to attend the Petrotech convention in Larger Noida, India, February 11, 2019. REUTERS/Anushree Fadnavis

Venezuela buys a slew of merchandise together with medicines from India, and it’s on the lookout for different cost mechanisms after utility of the most recent stringent U.S. sanctions.

The administration of U.S. President Donald Trump has imposed sweeping sanctions on Venezuelan state-owned oil agency PDVSA, geared toward severely curbing the OPEC member’s crude exports to the US to strain socialist President Nicolas Maduro to step down.

“The relationships with India will proceed, the commerce will proceed and we are going to merely develop all of the commerce and relationship,” Quevedu instructed reporters on the sidelines of Petrotech convention, with out giving any additional particulars on how a barter mechanism with India would work.

Venezuela’s oil manufacturing has dwindled within the final 20 years, from greater than three million barrels per day (bpd) at the start of the century to between 1.2 million and 1.four million bpd by late 2018. A lot of the crude oil it produces now’s heavy or further heavy.

Venezuela’s oil output is now at 1.57 million bpd, Quevedu stated.

The Venezuelan oil minister, who now holds the rotating presidency of the Group of the Petroleum Exporting Nations (OPEC), stated it was necessary to take heed to all of the consuming international locations that symbolize oil demand to keep up the steadiness of demand and provide within the markets.

“Stock ranges, demand, provide are the weather taken under consideration whereas making an attempt to keep up the steadiness the worldwide business wants,” Quevedu stated.

Unilateral sanctions by the US have lowered PDVSA’s oil output and induced a lack of about $20 billion to its oil revenue-dependent economic system, he stated.

“U.S. workouts kidnapping of sources all over the world … It’s monetary persecution. Now they wish to steal Citgo Petroleum from Venezuela,” he stated.

Citgo Petroleum Corp is a unit of PDVSA and Venezuela’s high international asset. Citgo operates three U.S. refineries that provide about four % of complete U.S. gas manufacturing, and it’s PDVSA’s largest U.S. buyer for its oil exports.

Following the U.S. determination to impose sanctions on Venezuela’s oil business, either side have engaged in aggressive strikes for management of Citgo, which has roots in the US courting again 100 years, however has been owned by Venezuela’s state-owned Petroleos de Venezuela, or PDVSA, for 3 a long time.

Sanctions have compelled Citgo and different U.S. refiners to hunt crude oil provides from different nations.

Reporting by Nidhi Verma and Sudarshan Varadhan in NEW DELHI; Enhancing by Tom Hogue

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