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Venezuela seeks to double oil exports to India

Venezuela wants to double its oil exports 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. Venezuela 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. Venezuela currently exports 300,000 barrels per day (bpd) to India. Reliance Industries Ltd and Nayara Energy, part owned by Russia's Rosneft, both buy Venezuelan oil. India's imports from Venezuela were worth $5.87 billion while its exports were $79.3 million in 2017-18.

Read More at Livemint News date : 11 Feb 2019, Monday

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