Venezuela’s crude sales have surged since Washington ousted the country’s leader and eased restrictions on the nation’s oil industry, reports Reuters. Shipping data showed January’s exports were more than 50% higher than those of the previous month, though total output remains far below its peak of almost 3.5 million barrels a day in 2001. The increase, however, has had significant impacts downstream: As part of a trade deal with the US, Washington said India had agreed to substitute its imports of Russian oil with Venezuelan crude. Notably, this detail is not confirmed by New Delhi.
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Venezuela’s crude sales have surged since Washington ousted the country’s leader and eased restrictions on the nation’s oil industry, reports Reuters. Shipping data showed January’s exports were more than 50% higher than those of the previous month, though total output remains far below its peak of almost 3.5 million barrels a day in 2001. The increase, however, has had significant impacts downstream: As part of a trade deal with the US, Washington said India had agreed to substitute its imports of Russian oil with Venezuelan crude. Notably, this detail is not confirmed by New Delhi.