INSUBCONTINENT EXCLUSIVE:
Venezuelan crude exports have plunged since US ratcheted up sanctions against the country's oil companyIndia is feasting on Venezuelan oil,
imposed a de facto ban on crude imports from the Latin American nation.While flows to the U.S
came to a halt, India became the No
1 buyer of Venezuelan crude in the first half of February, with imports jumping 66 percent to 620,000 barrels a day
Indian refiners Reliance Industries Ltd and Nayara Energy Ltd, which is backed by Rosneft Oil Co PJSC, are driving the boost.Still,
Venezuelan crude exports have plunged since U.S
President Donald Trump ratcheted up sanctions against the country's oil company
Shipments of oil, the commodity that bankrolls the regime of embattled president Nicolas Maduro, fell to 1.12 million barrels daily in the
first half of February, down 9.2 percent compared with the same period in January
No U.S.-bound vessels have left Venezuelan ports in that time.Seven Venezuelan oil-laden vessels loaded for U.S
refiners Valero Energy Corp and Chevron Corp have been stranded since sanctions were announced on Jan
28, as state-owned Petroleos de Venezuela SA demands upfront payment for the cargoes.Meanwhile, shipments to long-time ally China, which is
struggling to recover at least $50 billion it loaned to Venezuela over the past 12 years, have slowed down
Imports fell by 50 percent to 120,000 barrels daily.(Except for the headline, this story has not been edited by TheIndianSubcontinent staff
and is published from a syndicated feed.)
