India cuts down oil imports from Venezuela

India cuts down oil imports from Venezuela


India’s import of oil from Venezuela is almost nil since the country’s infrastructure is not up to the mark, say sources. The bilateral trade between the two countries is at 6 billion dollars and is in the favour of Venezuela due to oil imports by India.

According to sources, the infrastructure of the South American nation is in a depleted state and cannot be used for exporting oil. The political and economic crisis there is being watched by New Delhi, which has its embassy in Caracas.

Though the outflow from that country is getting less, still the government is open to the option of starting a barter trade arrangement with Venezuela, as the US sanctions on that country are tightening.

While India had ruled out any using cryptocurrency for payments, a possibility of setting up a bank account in India for payments to be made in Indian currency for the oil imports and the Venezuela side can use that for importing medical supplies and food from India.

There is a political and economic crisis in that country as the opposition leader Juan Guaidó, has been attempting to replace President Nicolás Maduro with a transitional government. The opposition leader’s claim to legitimacy has been supported by a number of countries, including the US.

There are reports which indicate that Russia has warned the US against meddling in that country. Though India has continued its trading with the South American nation, the US has been pressuring India to stop oil imports from there.