India Becomes Biggest Buyer of Venezuelan Oil After US Sanctions

Despite sanctions India has emerged as Venezuela’s biggest crude buyer in February after US imposed sanctions on Latin American nation’s oil giant PDVSA, NDTV news channel reported.

India has been importing 620,000 barrels of Venezuelan crude oil a day since early February, up 66 percent from the previous month, the NDTV news channel reported.

Overall Venezuelan exports fell to 1.1 million barrels a day this month, or 9.2 percent since January when Venezuelan oil shipments to the United States were called off in the wake of the sanctions.

The United States blocked around $7 billion in assets belonging to Venezuela’s state oil firm PDVSA and began transferring control over them to Venezuelan opposition leader Juan Guaido, who on January 23 proclaimed himself as Venezuela’s interim president.

Venezuelan President Nicolas Maduro, backed by China, Mexico and Russia, accused Guaido of acting at the instructions of the United States and claimed that Washington was plotting together with the opponents of his government to overthrow him and get hold of Venezuela’s oil assets.