Russia’s Gazprombank rejects report on Venezuelan oil giant’s new accounts

Cheryl Sanders
February 11, 2019

The U.S. sanctions block all payments to PDVSA accounts, and buyers of Venezuelan crude are directed to deposit payments in a separate account, to which PDVSA doesn't have access.

Venezuela's oil output is now at 1.57 million bpd, Quevedo said.

"The relationships with India will continue, the trade will continue and we will simply expand all the trade and relationship", Quevedo told reporters on the sidelines of Petrotech conference, without giving any further details on how a barter mechanism with India would work. The bottleneck has caused problems for PDVSA to continue producing and refining oil without imported diluents and components.

"There are sanctions against corrupt officials and thieves", Guaido told RT Spanish in an exclusive interview, dismissing any notion that U.S. sanctions and years of economic and political pressure on Caracas might have contributed to the deteriorating socio-economic situation in Venezuela. Venezuela, which now holds the OPEC presidency, has a "healthy relationship" with the Asian country, he said at the Petrotech conference near New Delhi, where he originally wasn't on the list of attendees.

The war game is believed to be held for preparing to repel any potential invasion from the USA and its allies.

Even after a first round of financial sanctions in 2017, PDVSA's joint ventures managed to maintain bank accounts in the United States and Europe to receive proceeds from oil sales.

The U.S. wants to "steal Citgo from Venezuela", Quevedo said on Monday.

Guaido, the head of Venezuela's National Assembly, is trying to wrest ownership of PDVSA's Houston-based unit, Citgo Petroleum, away from the current regime. Citgo operates three USA refineries that supply about 4 percent of total United States fuel production, and it is PDVSA's largest US customer for its oil exports.

"We are going to call truly free elections in Venezuela once the usurpation ceases, and we can build the mechanisms to have a truly free election", Guaido has repeatedly vowed, stating that he believes Maduro has no real choice but to eventually surrender.

The Socialist leader's argument in seeking support from OPEC is that the sanctions would have impact on the global oil market and prices and that they represent a risk to other members of the cartel.

Other reports by iNewsToday