Venezuela turns to India as sanctions cut oil flow to U.S., Europe


Venezuela turns to India as sanctions cut oil flow to U.S., Europe

Corrects headline and first two paragraphs to specify Venezuela turns to India, not Asia, for oil exports. Also corrects paragraphs 5 stating Venezuelan oil is heading to India, China, Singapore, Malaysia and Japan, to clarify that the final destination of these shipments is not yet clear.)

Venezuela’s oil exports have tapered off and shifted toward India since new U.S. sanctions began Jan. 28 as state-run oil company PDVSA seeks to replace deliveries to the United States and Europe that were disrupted by payment restrictions.

The South American nation is turning its focus to cash-paying buyers, especially in India, its second-largest customer after the United States, amid U.S. sanctions designed to undercut financial support for Venezuelan President Nicolas Maduro. Sanctions are designed to bar Maduro’s access to oil revenue that has helped his government remain in power.

In the two weeks since the sanctions were announced, PDVSA has been able to load and export 1.15 million barrels per day (bpd) of crude and refined products, according to Refinitiv Eikon data. Read More

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