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Venezuela had lost some of its biggest oil customers following Washington`s recent sanctions on its oil exports. However. some customers still remain. shipping millions of barrels of the country`s oil each year. India is one of those customers. with an appetite that has seemingly only grown over the past months.
According to data from shipping and oil industry sources. the amount of oil India had shipped from Venezuela has apparently reached more than 475.200 barrels per day (bpd) in June.
This was double the amount of oil imports when compared to the previous month. The figure is reportedly the highest amount of oil shipped by the country in over 21 months.
Earlier in the year. the United States had imposed strict sanctions on Venezuela`s state-owned oil company PDVSA as a measure to put added pressure on the country`s socialist leader. President Nicolas Maduro.
The sanctions had driven away most of the country`s foreign customers and operators. leaving the country with unmanned refineries and billions of dollars in losses.
Despite the sanctions. India still continues to ship Venezuelan oil as it had closed a term deal with PDVSA years before the US had imposed its restrictions on the company. Venezuela currently only has two Indian customers. namely private refiners Nayara Energy and Reliance Industries.
