Venezuela suspends oil exports to India

Venezuela suspends oil exports to India

by admin- Wednesday, March 20th, 2019 07:28:55 AM

Venezuela has suspended its oil exports to India and perspectives Russia and China as its predominant export locations, the Azeri Energy Ministry stated on Tuesday, citing Venezuela’s Oil Minister.

The Azeri Ministry issued the announcement on Tuesday following talks in Baku between Azerbaijan’s Energy Minister and Venezuelan Oil Minister and President of kingdom-run oil business enterprise PDVSA, Manuel Quevedo.

“At the meeting… Quevedo said which will prevent a sharp discount, various measures are being carried out and diversification of the export market is underway,” the announcement stated.

“Russia and China are visible as the principle destinations due to the suspension of oil exports to India,” the declaration said.

The Indian market has been essential for Venezuela’s financial system because it has historically been the second-largest cash-paying purchaser for the OPEC u . S . A .’s crude, behind the USA.

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