Venezuela's crude shipments to India, its third largest export market, fell 21 percent in the first half of the year, according to internal documents from state-run PDVSA, adding to supply troubles for Indian refiners as they are increasingly pressed to diversify oil imports.
Venezuela's production decline to a 30-year low and export woes stemming from mismanagement, lack of investment and payment delays are affecting almost all of the OPEC-nation's customers.
But the impact on India is notable and comes as its refiners are now preparing for a "drastic reduction to zero" of oil imports from U.S.-sanctioned Iran.
Last week, PDVSA officials met with executives from India's Reliance Industries and Russia's Rosneft , which owns a majority stake in India-based Nayara Energy , to discuss trade issues.
The talks focused on how to remedy export delays, according to a person familiar with the matter.
Daily Commodity MCX Live Price 04 July 2018
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