Why is it in news?
- Venezuelan Oil Minister declared that Venezuela wants to double its oil sales to India and is open to barter payment arrangements with the world’s third biggest crude consumer-India.
More in news
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Alternative payment methods after US sanctions: Venezuela buys medicines and other products from India, is looking for alternative payment methods after the United States imposed stringent sanctions on Venezuela’s state oil firm PDVSA.
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Double oil supplies: Venezuela aimed to double oil supplies to India from 300,000 barrels per day (bpd) now.
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Balance of trade:(1) Barter deals could help India balance its trade with Venezuela.(2) In fiscal 2017/18, India’s imports from Venezuela were worth $5.87 billion while its exports were $79.3 million.
Source
The Hindu, Livemint