Venezuela Seeks to Double Oil Exports to India

CARACAS, Feb 12 (NNN-TELESUR) — 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.

“India also wants to increase the intake,” Quevedo said after a meeting with Indian refiners. “We are selling more than 300,000 barrels a day but of course we want to increase that and India also wants to increase the intake from Venezuela. We want to double that amount.”

Reliance Industries Ltd and Nayara Energy, part-owned by Russia’s Rosneft, both buy Venezuelan oil.

Quevedo, whose country holds the rotating presidency of the Organization 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.

Venezuela’s self-proclaimed president Juan Guaido, who has been recognized by the United States and some of its conservative allies, is setting up bank accounts with U.S. help to take income accrued by PDVSA’s U.S. refining subsidiary Citgo Petroleum Corp.

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 said. — NNN-TELESUR