India-Venezuela : Overview

Venezuela economy is in deep crisis because of global oil price fall as Venezuela’s economy is dependent on oil exports.

Venezuela is not able to pay for India’s export because of fall in its currency and triple digit inflation.
What India has proposed?
India has proposed an oil-for-drugs barter plan with cash-strapped Venezuela to recoup millions of dollars in payments owed to some of India’s largest pharmaceutical companies.
Oil production deal:
  • India and Venezuela have signed an oil production deals worth about 1.45 billion US dollar to increase oil production
  • The agreement comes amid a severe economic crisis in Venezuela. It is seen as a way to boost oil production, pay off debts, obtain funds from other foreign partners, and increase the country’s oil income



Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top