Venezuela open to barter trade with India to boost oil sales

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PDVSA's move comes after the United States imposed tough, new financial sanctions on January 28 aimed at blocking Venezuela's President Nicolas Maduro's access to the country's oil revenue. The U.S. sanctions have sliced its oil exports to a 10-month low.

Supporters of Venezuelan opposition leader and self-proclaimed interim president Juan Guaido said recently that a fund would be established to accept proceeds from sales of Venezuelan oil.

There are more than 8 million barrels of Venezuelan crude idling all over the Gulf of Mexico in an area that stretches from US coast to the Yucatan Peninsula in Mexico, according to cargo-tracking and market intelligence company Kpler. Since then, PDVSA has been pressing its foreign partners at joint ventures in its Orinoco Belt producing area to formally decide whether they will continue in the projects, according to two sources with knowledge of the talks.

The joint venture partners include Norway's Equinor ASA EQNR.OL , U.S. -based Chevron Corp CVX.N and France's Total SA TOTF.PA .

Unilateral sanctions by the United States have reduced PDVSA's oil output and caused a loss of about $20 billion to its oil revenue-dependent economy, he said. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

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"We are going to call truly free elections in Venezuela once the usurpation ceases, and we can build the mechanisms to have a truly free election", Guaido has repeatedly vowed, stating that he believes Maduro has no real choice but to eventually surrender. The European Union has encouraged member countries to recognize a new temporary government led by Guaido until new elections can be held.

Venezuela's self-proclaimed interim leader has told RT that the "corrupt regime" there is exclusively to blame for its dire humanitarian situation, and promised that democracy will be embraced, with free elections, once Maduro is gone.

His arrival in India coincides with swirling speculation over the future of the Venezuelan oil industry, following a ban on its crude by the Donald Trump administration.

Venezuela's oil minister made a surprise appearance at an energy event in India, as the embattled OPEC producer seeks closer ties with major crude customers in the face of crippling US sanctions.

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