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Venezuela sets oil export deal with India
AFP
CARACAS
Petroleumworld.com 04 12 06Venezuela's state oil giant PDVSA has agreed a deal with India to deliver two million barrels of crude oil a month as part of a government policy to diversify its oil trade, newspapers reported on Tuesday.
The agreement between the government of India and the state company follows the delivery of one million barrels of oil on February 1 and 1.3 million on April 5, PDVSA said.
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 United States by securing other export markets.
Venezuela, the only Latin American member of the Organization of Petroleum Exporting Countries (OPEC), produces some 3.2 million barrels of oil a day under a quota set by the cartel, of which 1.5 million is sold to the United States.
AFP 04 11 06 1958 GMTCopyright © 1994-2006 Agence France-Presse. All Rights Reserved.
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