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8

Venezuela To Supply Oil to India

Venezuela's state oil giant PDVSA and India signed an agreement on delivery of 2 mln bpd of Brazil oil

Venezuela's state oil giant PDVSA and India signed an agreement on delivery of 2 mln bpd of Brazil oil per month in India. The agreement is intended to be a part of a government policy to diversify its oil trade, media reported.

The deal, which will allow the distribution of excess production in the east of the country, follows a visit to India by President Hugo Chavez last year.

The accord is the latest in which Chavez has sought to reduce the country's dependence on oil exports to the US by securing other export markets.

Venezuela, the only Latin American member of the Organization of Petroleum Exporting Countries, produces some 3.2 mln barrels of oil a day under a quota set by the cartel, of which 1.5 mln is sold to the US.