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
FERC Closes Out ’24 with Rulings to Boost LNG Supply
2025-01-06 - A trio of Federal Energy Regulatory Commission authorizations in the latter half of December allowed new LNG trains to begin operations or boosted gas supplies to the facilities.
FERC Gives Venture Global OK to Start Next LNG Block
2025-02-11 - Venture Global LNG continues to ramp up operations at its newest LNG export terminal.
Overbuilt Fleet of LNG Tankers Sinking Cargo Transport Rates
2025-01-30 - LNG shipping rates are at historic lows as a flooded transport market waits for projects to come online and more cargoes to move.
Polar LNG Express: North American NatGas Dynamics to Change with LNG Canada
2025-02-21 - The next major natural gas export project in North America has a location advantage with Asian markets. LNG Canada opens up a new pathway that will change the price dynamics for producers.
Kinder Morgan to Build $1.7B Texas Pipeline to Serve LNG Sector
2025-01-22 - Kinder Morgan said the 216-mile project will originate in Katy, Texas, and move gas volumes to the Gulf Coast’s LNG and industrial corridor beginning in 2027.