Facing US sanctions, Venezuela now turns to India for oil trade

In difficulty due to US sanctions, Venezuela’s oil exports have tapered off and is now forced to shift towards India.

The new US sanctions began on January 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.

The US sanctions designed to undercut financial support for Venezuelan President Nicolas Maduro.

US Sanctions are designed to bar Nicolas Maduro’s access to oil revenue that has helped his government remain in power.

Two supertankers, Baghdad and Folegandros I, launched late on Monday from Venezuela’s Jose terminal carrying cargoes to Indian ports.

Ship tracking data in Refinitiv showed several other tankers carrying Venezuelan crude or fuel towards Asia, although the final destinations of these vessels were not yet clear.

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