The relaxation of United States sanctions on Venezuela has brought new business opportunities in the oil area, where countries like India once again trust the country as a supplier of this important sector.

In this sense, Indian Oil Minister Hardeep Singh Puri announced on Friday that they will buy Venezuelan oil for the first time since 2020, when the Caribbean nation was its third-largest oil supplier.

“Many of our refineries are capable of using that Venezuelan heavy oil. We will buy (Venezuelan oil),” the minister declared to the media.

The official also noted that India was “willing to resume (oil purchases) with anyone not under sanctions.”

It is important to note that due to United States sanctions, money from India remains blocked in Venezuela. The decision to buy oil again from Venezuela would not only recover that money, but would also help satisfy India’s growing demand for crude oil.

In this regard, the minister noted: “We are in a situation in which we use five million barrels of crude oil a day. And our growth is increasing. So if Venezuelan oil reaches the market, we will welcome it,” the minister stated.

M.Pino

Source: eluniversal

(Reference image source: Unsplash+, in collaboration with Getty Images)

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