Venezuela suspends oil exports to India
BAKU: Venezuela has suspended its oil exports to India and views Russia and China as its main export destinations, the Azeri energy ministry said on Tuesday, citing Venezuela's oil minister.
The Azeri ministry issued the statement on Tuesday following talks in Baku between Azerbaijan's energy minister and Venezuelan oil minister and president of state-run oil company PDVSA, Manuel Quevedo.
"At the meeting... Quevedo said in order to prevent a sharp reduction, various measures are being implemented and diversification of the export market is underway," the statement said.
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LOL at that statement. We're reducing our potential buyers from three to two in order to diversify our export market. Of course, what happened was that either the US leaned on India who gave warning they were going to stop buying, or India warned they would start paying for the oil they received by depositing the funds into a US-approved escrow account.