Venezuela Oil Exports

The United States on Sunday appreciated India's efforts adding to Washington's sanctions to restrict exports of Venezuelan oil in the global energy market.

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.

Venezuela Oil: The hardline US National Security Adviser John Bolton has issued a warning to India against buying Venezuelan oil, saying it "will not be forgotten" and that Venezuela's Foreign Minister Jorge Alberto Arreaza has countered that it was an attempt to impose Washington's global "dictatorship".

Venezuela's oil exports have tapered off and shifted toward India since new US sanctions began on January 28 as state-run oil company PDVSA seeks to replace deliveries to the United States and Europe that were disrupted by payment restrictions.

US crude oil exports to India hit a record in June and so far this year are almost double last year's total as the country's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.

Oil prices rose by 2 per cent on Monday after Venezuela hinted that OPEC (Organization of Petroleum Exporting Countries) and other major oil producers could agree to a market support deal and as clashes in Libya disrupted attempts to boost crude exports.

After a year of secret diplomacy and hushed-up private talks around the world, OPEC's mighty Saudi Arabia and rival Venezuela were persuaded to cut a deal by non-OPEC Mexico which overcame mutual acrimony and led to a much-needed rise in oil prices.

Venezuela -- which has been trying hard to persuade oil producers to cut output in order to boost prices -- announced Thursday that a technical meeting of OPEC and other crude-producing countries would take place on October 21.

The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) closed at $60.39 a barrel on Monday compared to $60.47 last Friday, the organisation's secretariat said.

Venezuela is now the country with the most proven crude oil reserves on the planet, 296.5 billion barrels, according to the Annual Statistical Bulletin of the Organization of the Oil Exporting Countries.

The United States on Sunday appreciated India's efforts adding to Washington's sanctions to restrict exports of Venezuelan oil in the global energy market.

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.

Venezuela Oil: The hardline US National Security Adviser John Bolton has issued a warning to India against buying Venezuelan oil, saying it "will not be forgotten" and that Venezuela's Foreign Minister Jorge Alberto Arreaza has countered that it was an attempt to impose Washington's global "dictatorship".

Venezuela's oil exports have tapered off and shifted toward India since new US sanctions began on January 28 as state-run oil company PDVSA seeks to replace deliveries to the United States and Europe that were disrupted by payment restrictions.

US crude oil exports to India hit a record in June and so far this year are almost double last year's total as the country's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.

Oil prices rose by 2 per cent on Monday after Venezuela hinted that OPEC (Organization of Petroleum Exporting Countries) and other major oil producers could agree to a market support deal and as clashes in Libya disrupted attempts to boost crude exports.

After a year of secret diplomacy and hushed-up private talks around the world, OPEC's mighty Saudi Arabia and rival Venezuela were persuaded to cut a deal by non-OPEC Mexico which overcame mutual acrimony and led to a much-needed rise in oil prices.

Venezuela -- which has been trying hard to persuade oil producers to cut output in order to boost prices -- announced Thursday that a technical meeting of OPEC and other crude-producing countries would take place on October 21.

The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) closed at $60.39 a barrel on Monday compared to $60.47 last Friday, the organisation's secretariat said.

Venezuela is now the country with the most proven crude oil reserves on the planet, 296.5 billion barrels, according to the Annual Statistical Bulletin of the Organization of the Oil Exporting Countries.