BAKU, Azerbaijan—Venezuela has suspended its oil exports to India and views Russia and China as its main export destinations, the Azeri energy ministry said on March 19, citing Venezuela’s oil minister.
The Azeri ministry issued the statement 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.
“Russia and China are seen as the main destinations because of the suspension of oil exports to India,” the statement said.
The Indian market has been crucial for Venezuela’s economy because it has historically been the second-largest cash-paying customer for the OPEC country’s crude, behind the United States.
Earlier this year, the United States imposed heavy sanctions on Venezuela’s oil industry and has pressed India to stop buying Venezuelan oil.
OPEC and other oil ministers met in Baku in talks over the weekend that ended on March 18.
Recommended Reading
Cella Mixes Two Approaches to Keep CO2 Solidly Underground
2025-04-01 - Cella, a startup in partnership with Halliburton, injects CO2 into basaltic reservoirs, where it reacts and hardens.
Google, SLB, Project Innerspace Form Geothermal Partnership
2025-03-06 - The geothermal partnership between Google Cloud, SLB and Project Innerspace takes shape as energy demand surges, driven in the U.S. by data center growth, the rise of electrification and an increase in manufacturing activity.
California Resources Continues to Curb Emissions, This Time Using CCS for Cement
2025-03-04 - California Resources’ carbon management business Carbon TerraVault plans to break ground on its first CCS project in second-quarter 2025.
Oil & Gas, Geothermal Technology Transfer Not a One-Way Street
2025-03-19 - Technologies commonly used in oil and gas are making it cheaper to drill deep into hot reservoirs to generate geothermal power, but the oil sector could also learn from geothermal, panelists say.
Tallgrass Secures Rights of Way for Green Plains’ Trailblazer CCS Project
2025-01-16 - Green Plains’ Trailblazer project will transport captured biogenic CO2 from a number of Nebraska ethanol facilities to sequestration wells in Wyoming.