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India, the second largest consumer of Venezuelan oil after the United States, became of particular interest аor the state oil company of Venezuela, PDVSA, which came under US sanctions, because Indian refiners buy oil for cash. According to Oil Minister of Venezuela, Manuel Quevedo, he also counts on barter agreements with India, which allow the use of oil as payment. PDVSA plans to double the volume of oil supplies to India. Before the introduction of American sanctions, there were more than 300 thousand barrels per day. After the introduction of sanctions on January 28, Venezuela reduced the total volume of exported oil from 1 million 400 thousand barrels per day to 1 million 150 thousand barrels per day.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
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