Venezuela’s crude shipments to India, its third largest export market after the U.S. and China, fell 21% in the first six months of the year, but the country’s Ambassador in Delhi has said plans are on to boost production at home and that oil trade with India will continue unabated despite U.S. sanctions.
“Venezuela has been affected by U.S. sanctions. These are economic sanctions, aggression, against the people of Venezuela. As a result, production has come down. But we will continue our oil trade with India,” Ambassador Augusto Montiel told The Hindu in an interview.
Venezuela shipped 2,80,000 barrels per day (bpd) of heavy crude to India in the first half of the year, down from 3,55,500 bpd shipped in the corresponding period of last year, according to a Reuters report, which cited trade documents of PDVSA, Venezuela’s state-run oil company. The Latin American country’s oil production averaged 1.58 million bpd in the first five months of 2018, its lowest annual level since 1985. Read More