Venezuela Suspends Oil Exports to India, Confirms Oil Minister

The South American country of Venezuela has suspended its oil exports to India, the Azeri energy ministry said in a statement on Tuesday, 19 March, reported Reuters. The statement was released following a meeting with the Venezuelan oil minister and president of state-run oil company PDVSA, Manuel Quevedo, local media reported.

India is a major importer of Venezuelan oil, for which it pays cash. In 2017-18, India imported 11.5 million tonnes of oil from Venezuela, which is its fourth biggest source.

India became the largest customer for Venezuelan oil in February after buying about 55 percent of that country's oil production.

Organisation of the Petroleum Exporting Countries (OPEC) and other oil ministers are gathering in Baku, Azerbaijan.

(With inputs from Reuters)

(This is a developing story. More details awaited.)

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