ü 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.
ü Oil trade with India will continue unabated despite U.S. sanctions.
ü 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 it will continue our oil trade with India.
ü Venezuela shipped 2,80,000 barrels per day (bpd) of heavy crude to India in the first half of the year (2018), down from 3,55,500 bpd shipped in the corresponding period of last year.(2017)
ü 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.
ü Oil is the world’s most wanted resource. And Venezuela has the world’s largest certified oil reserves. It also has huge coltan reserves.
ü India had assured Venezuela that it would not support unilateral sanctions. These are unilateral sanctions imposed by the U.S., not by the UN.
ü With all India’s international associates, including India’s ONGC, India is planning to increase oil production.
ü Regarding the economic crisis and hyper inflation, Mr. Montiel said Venezuela’s new cryptocurrency, Petro, will start circulating from August 20. Petro is pegged to the international price of oil.
ü India is yet to accept the digital currency system, but Venezuela don’t have any problem with India’s choice for the payment currency.
ü “The aggression against countries like Venezuela and Iran by the U.S. is hurting India as well... Multilateralism is in threat because of these sanctions.
The Hindu