• Thursday, Dec 12, 2019
  • Last Update : 12:12 am

Venezuela hopes to create non-dollar trading bloc

  • Published at 11:43 pm February 12th, 2019
Venezuela Oil
Venezuela’s Oil Minister and President of Venezuelan state-run oil company PDVSA Manuel Quevedo (C) arrives to attend the Petrotech conference in Greater Noida, India on Monday Reuters

The strife-torn country is looking for alternative payment methods to keep oil flowing to India, a crucial export market, especially after the United States imposed sanctions curbing the Opec member's crude exports to the United States

Venezuela hopes to create a trade bloc consisting of China, India, and Russia to help the South American country settle oil payments in currencies other than the dollar, its oil minister said on Tuesday.

The strife-torn country is looking for alternative payment methods to keep oil flowing to India, a crucial export market, especially after the United States imposed sanctions curbing the Opec member's crude exports to the United States.

"We all can build one economy and that economy does not necessarily have to be within the dollar economy," Manuel Quevedu said, referring to China, Russia and India.

Quevedu, who on Monday said Caracas was open to barter trade with New Delhi, declined to disclose details on how he planned to do business with India.

"We are certainly not going to inform [regarding how we plan to do business] those who want to destroy our oil industry," he said on the sidelines of India's biennial Petrotech Conference.

Venezuela is supplying oil to all of its clients including Reliance Industries despite sanctions, Quevedu said.

Reliance, which pays for a significant amount of its purchases from state-owned PDVSA (Petróleos de Venezuela, SA) in cash, supplies fuel to Venezuela through its US unit RIL, PDVSA's internal trade records show.