Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Oil imports: Opportunity for India as sanctions-hit Venezuela seeks to double exports.


Date: 12-02-2019
Subject: Oil imports: Opportunity for India as sanctions-hit Venezuela seeks to double exports
Venezuela wants to double its oil sales to India and is open to barter payment arrangements with the world’s third biggest crude consumer, Venezuelan oil minister Manuel Quevedo said on Monday. Caracas, which buys medicines and other products from India, is looking for alternative payment methods after the United States imposed stringent sanctions on Venezuela’s state oil firm PDVSA in a bid to push out President Nicolas Maduro.

“The relationships with India will continue, the trade will continue,” Quevedo said, adding that Venezuela wanted to expand trade in services and technology with New Delhi. The minister, who said Caracas was open to barter arrangements but did not give details, told reporters during a conference that Venezuela aimed to double oil supplies to India from 300,000 barrels per day (bpd) now.

“India also wants to increase the intake,” Quevedo said after a meeting with Indian refiners. Reliance Industries and Nayara Energy, part-owned by Russia’s Rosneft, both buy Venezuelan oil. Barter deals could help India balance its trade with Venezuela. In fiscal 2017-18, India’s imports from Venezuela were worth $5.87 billion while its exports were $79.3 million, Indian trade ministry data showed.

The minister said Venezuela’s oil output was now 1.57 million bpd, about half its level at the start of the century. Quevedo, whose country holds the rotating presidency of the Organisation of the Petroleum Exporting Countries, said it was important to listen to oil consuming nations as Opec and other producers sought to balance supply and demand in the oil market.

The minister said US sanctions meant Venezuela had lost $20 billion in revenues. He did not give a timeframe. Venezuela’s self-proclaimed president Juan Guaido, who has been recognised by the United States and some of its allies, is setting up bank accounts with US help to take income accrued by PDVSA’s US refining subsidiary Citgo Petroleum.

In response, PDVSA is taking steps to remove at least two American executives from Citgo’s board of directors, sources familiar with the matter  told Reuters.

Source: financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 28-02-2025
Notification No. 12/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 14-02-2025
Notification No. 10/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 13-02-2025
Notification No. 14/2025-Customs
Seeks to amend Notification 11/2021-Customs dated 01.02.2021 to amend AIDC rate on Bourbon whiskey

Date: 11-02-2025
NOTIFICATION No. 09/2025–Central Tax
Seeks to bring rules 2, 8, 24, 27, 32, 37, 38 of the CGST (Amendment) Rules, 2024 in to force

Date: 03-02-2025
[F. No. CBIC-190354/236/2021-TRU]
Corrigendum to Notification No. 50 of 2024 Customs, dated the 30th December, 2024.

Date: 01-02-2025
Notification No. 13/2025-Customs
Seeks to further amend notification No. 153/94-Customs dated the 13 th July, 1994.

Date: 01-02-2025
Notification No. 12/2025-Customs
Seeks to further amend notification No. 19/2019 dated 06 th July 2019.

Date: 01-02-2025
Notification No. 11/2025 – Customs
Seeks to further amend notification No. 25/2002-Customs, dated the 1st March, 2002 so as to add capital goods to the already existing list of capital goods exempted from basic customs duty for manufacture of lithium-ion battery of mobile phones and electrically operated vehicles.

Date: 01-02-2025
Notification No. 09/2025-Customs
Seeks to further amend notification No. 16/2017-Customs, dated the 20 th April, 2017 so to exempt certain drugs for supply under Patient Assistance Programme run by specified pharmaceutical companies.

Date: 01-02-2025
Notification No. 07/2025-Customs
Seeks to further amend notification No. 11/2018-Customs dated 02 th February, 2018 so as to exempt specified goods from the whole of levy of Social Welfare Surcharge.



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001