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 announcement On Tuesday following talks in Baku between Azerbaijan’s energy ministry and the Venezuelan Petroleum Minister and president of the state oil company PDVSA, Manuel Quevedo. In the meeting. Quevedo said as a way to prevent a sharp reduction, different measures are being executed and the diversification of the export market is penalized, the announcement said. Russia and China are seen as the main destinations due to the suspension of oil exports to India, the announcement said.
The Indian market was crucial for Venezuela’s economics because it’s historically been the second biggest cash paying client for the OPEC nation’s crude, behind the USA. Earlier this year, the USA Imposed heavy sanctions on Venezuela’s oil industry and has pressed India to quit buying Venezuelan oil. OPEC along with other oil ministers met in Baku in talks over the weekend which finished on Monday.