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Venezuela has suspended its oil exports to India and views Russia and China as its main export destinations, the Azeri Energy Ministry said on Tuesday, citing Venezuela’s Oil Minister.
The Azeri Ministry issued the statement on Tuesday following talks in Baku between Azerbaijan’s Energy Minister and Venezuelan Oil Minister and President of state-run oil company PDVSA, Manuel Quevedo.
“At the meeting... Quevedo said in order to prevent a sharp reduction, various measures are being implemented and diversification of the export market is underway,” the statement said.
“Russia and China are seen as the main destinations because of the suspension of oil exports to India,” the statement said.
The Indian market has been crucial for Venezuela’s economy because it has historically been the second-largest cash-paying customer for the OPEC country’s crude, behind the US.
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