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Venezuela's PDVSA seeks to barter its oil with India
11 February 2019, 10:54 | Glen Norman
Home Briefing Until We Accomplish the Goal
Briefing Until We Accomplish the Goal
By Naky Soto- Febru
Venezuela buys a slew of products including medicines from India, and it is looking for alternative payment mechanisms after application of the latest stringent USA sanctions.
"There are sanctions against corrupt officials and thieves", Guaido told RT Spanish in an exclusive interview, dismissing any notion that U.S. sanctions and years of economic and political pressure on Caracas might have contributed to the deteriorating socio-economic situation in Venezuela.
Venezuela's oil production has dwindled in the last two decades, from more than 3 million barrels per day (bpd) at the beginning of the century to between 1.2 million and 1.4 million bpd by late 2018.
Venezuela's Oil Minister and President of Venezuelan state-run oil company PDVSA Manuel Quevedo (C) arrives to attend the Petrotech conference in Greater Noida, India, February 11, 2019. However, the official confirmed that Russian Federation was in constant contact with the Venezuelan authorities. Reliance is one of PDVSA's largest cash payers and a prominent fuel supplier to Venezuela through its US unit RIL, according to internal trade records from the state-run company. 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.
"Inventory levels, demand, supply are the elements taken into account while trying to maintain the balance the global industry needs", Quevedu said.
The minister said US sanctions meant Venezuela had lost $20 billion in revenues.
Guaido says Maduro's re-election was fraudulent and as head of the opposition-led National Assembly, he has the constitutional right to invalidate the results and declare himself president until a new election is held.
Maduro has rejected humanitarian aid as a U.S. ploy to intervene in Venezuela, calling the deployment of aid a "political show" and blaming U.S. sanctions for the country's widespread shortages of food and medicine. Maduro has denounced Guaido as a US puppet seeking to foment a coup.
Maduro said he will make "the sufficient investment for Venezuela" to strengthen its anti-aircraft and anti-missile defense system, and equip the militia with "even the most modern missiles in the world".
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