Indian imports of oil from Venezuela have fallen to their lowest levels in over half a decade, shipping and industry data showed, as a severe economic and political crisis hits crude output in the South American OPEC member.
India’s oil imports from Venezuela averaged around 300,000 barrels per day (bpd) between November, 2017 and February, 2018, a drop of about 20 percent from the same period a year earlier and the lowest such level since 2012, according to data from shipping sources and industry.
The sources declined to be identified as they were not authorised to speak with media.
Venezuela’s oil production plunged to the lowest in decades last year, with the country racked by quadruple-digit inflation, a lack of hard currency and a crippling recession. Read More…