Venezuela is looking for new markets for oil, Minister of Oil and President of the State Oil Company of Venezuela Manuel Quevedo Fernandez told reporters on the sidelines of the 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Baku, Trend reports March 18.
"We stopped exporting more than 4,000 barrels per day. And we are currently working with our partners, as well as looking for new markets. Russia is one of those states with which we want to continue cooperation and increase supplies," the minister said.
Speaking about the India's refusal to buy oil from Venezuela, the minister noted that despite this, the two countries still maintain commercial relations.
"We started restoring oil production since last year and intend to continue this business in 2019, he said.
The 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) was held in Baku March 18. A day before the JMMC meeting, Baku hosted the 27th meeting of the Joint Technical Commission.
The meeting participants discussed the current state of the oil market, existing problems and other issues.
The event then featured a presentation on the pace of oil market development, and the report of the Joint Technical Commission on production figures for February.
Follow us on Twitter @AzerNewsAz