Venezuelan oil is flowing strong again into strategic markets like the U.S. and India, boosted by operations managed by global commodity trading giants like Vitol and Trafigura.
The Indian state oil company ONGC Videsh Ltd (OVL) is assessing the resumption of its operations in Venezuela, a move that highlights the gradual recovery of the energy sector in the country.
Despite the fact that Venezuelan state company PDVSA holds a debt of approximately $900 million in overdue dividends to the Asian firm, OVL plans to reactivate its activities in the land concessions of San Cristóbal and Petrocarabobo.
This renewed interest is a response to a significant shift in the business climate. According to industry executives, the current economic and regulatory conditions in Venezuela are finally suitable for trading.
The main catalyst for this reopening has been the recent issuance of new flexibilities to general licenses by the United States, a decision that has legally allowed international companies to ramp up their trading activities in the hydrocarbons sector.
The results of this sanctions relief are already evident in production and sales figures. In May, Venezuelan crude oil exports hit a peak not seen in the last seven years.
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