US warns nations against buying Venezuelan oil

  1. U.S National Security Advisor have warned countries and companies against buying crude oil from Venezuela, after the Latin American country’s Oil Minister during a visit to India said that Venezuela wants to sell more oil to the fast-growing Indian market.
  2. Venezuela is currently facing political and economic crisis due to a) opposition’s claim of President is holding on to power through fraudulent elections b) major fall in crude oil prices c) Declining foreign exchange reserves and d) Hyperinflation
  3. The US has slapped severe sanctions on Venuzuela’s oil company with a view to curb crude oil exports and put pressure on the President to step down.
  4. Venezuela is the third largest supplier of oil to India which is the world’s third-biggest oil consumer.
  5. India has refused to go along with the US and said that it is for the people of Venezuela to find political solutions to resolve their differences through constructive dialogue and discussion without resorting to violence.