• 5 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 7 minutes Can LNG Kill Oil?
  • 8 minutes Question: Why are oil futures so low through 2020?
  • 11 minutes US Shale: Technology
  • 9 hours “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 3 hours CoV-19: China, WHO, myth vs fact
  • 3 hours Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 13 hours Blowout videos
  • 4 hours Has Trump put the USA at the service of Israel?
  • 18 hours Democrats Plan "B" Bloomberg Implodes. Plan "C" = John Kerry ?
  • 3 hours Oil Stocks
  • 2 days Question - What if there are no buyers for Chevron's Appalachia Assets?
  • 2 hours Foxconn cancelled the reopening of their mfg plants scheduled for tomorrow. Rescheduled to March 3rd. . . . if they're lucky.
  • 2 days Natural Gas
  • 2 days Cheap natural gas is making it very hard to go green
  • 2 days Energy from thin air?

India Keeps Oil Trade With Key Supplier Venezuela Despite Crisis

India

India continues to trade with Venezuela—a key crude oil supplier to the Asian nation where oil demand is growing fast—despite the ongoing crisis in Venezuela, India’s Financial Express reports.

Venezuela’s opposition leader Juan Guaidó, the president of the National Assembly, declared himself interim president on Wednesday, and the United States supported him against Nicolas Maduro, whom the U.S. Administration declared an “usurper” with no legitimacy to the presidency.

Maduro, in turn, severed diplomatic ties with the U.S. on Wednesday and gave U.S. diplomats in Venezuela 72 hours to leave the country.

India continues to be one of the main buyers of Venezuelan crude oil, diplomatic sources told the Financial Express. Indian refiners keep buying more than 400,000 bpd of oil from the troubled Latin American country, which is sitting on the world’s largest crude oil resources.

In recent months, Venezuela has been the fourth largest supplier of crude oil to India, after Iraq, Saudi Arabia, and the United Arab Emirates (UAE).

According to Financial Express, India imported crude oil from Venezuela worth US$5.8 billion in the 2017-2018 financial year, while imports between April and October 2018 were valued at US$4.6 billion. 

Amid the ongoing political crisis in Venezuela, India is staying away from recognizing the Venezuelan opposition leader as president.

Related: Energy Transition Will Upend Geopolitics

“We are closely following the emerging situation in Venezuela. We are of the view that it is for the people of Venezuela to find political solution to resolve their differences through constructive dialogue and discussion without resorting to violence,” the official spokesperson of India’s Ministry of External Affairs said in a statement on Friday, in response to queries on the situation in Venezuela.

“We believe democracy, peace and security in Venezuela are of paramount importance for the progress and prosperity of the people of Venezuela. India and Venezuela enjoy close and cordial relations,” India’s foreign ministry said.

Meanwhile, Russian President Vladimir Putin held a telephone conversation with Nicolas Maduro, backing him as the official president of Venezuela.

“The President of Russia expressed support for the legitimate Venezuelan authorities amid the worsening of the internal political crisis provoked from outside the country. He emphasised that destructive external interference is a gross violation of the fundamental norms of international law,” the Kremlin said.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage


Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News