• 3 minutes Electric cars may make driving too expensive for middle classes, warns Vauxhall chief
  • 6 minutes Natural gas mobility for heavy duty trucks
  • 12 minutes Colonial pipeline hack
  • 2 hours U.S. Presidential Elections Status - Electoral Votes
  • 16 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 24 mins Texas Power Outage Danger Until June 18th. Texans told to conserve energy!
  • 2 days Will Liquid Metal Batteries Become the Standard for Large Batteries?
  • 1 day Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 3 days Federal Judge Says Biden Probably Wrong for Halting Drilling on Federal Land
Big Oil Backs $100 Crude Narrative

Big Oil Backs $100 Crude Narrative

Three Big Oil chief executives…

India Keeps Oil Trade With Key Supplier Venezuela Despite Crisis

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

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News