The United States and most Western countries have recognized opposition leader Juan Guaido as Venezuela's head of state, but President Nicolas Maduro retains the backing of Russia and China as well as control of state institutions including the military.
The country's oil exports since the sanctions took effect on Jan. 28 have fallen to 1.15 million barrels per day (bpd) of crude and refined products, Refinitiv Eikon data showed, down from about 1.4 million bpd.
"We are selling more than 300,000" bpd to Indian buyers, Quevedo said on Monday in New Delhi. "We want to double that amount."
Venezuela is open to barter arrangements with India using oil as payment, he said, but did elaborate.
Refinitiv Eikon ship tracking data showed several other tankers carrying Venezuelan crude or fuel towards Asia.
"Considering all the difficulties that Venezuela faces in delivering oil to other markets and the legal, reputational and financial risks confronting traders or counterparties that do business with it under the current conditions," the bank wrote. "It seems unlikely that all production can, in short order, go to other markets."
INDIAN DEALS AND ROSNEFT
India's Reliance is among PDVSA's main cash customers, while Nayara receives Venezuelan oil via its stakeholder, Russia's Rosneft.
PDVSA's debt to Rosneft stood at $2.3 billion at the end of last year, Rosneft said last week.
It was supplying Rosneft with an average of 137,000 bpd of heavy crude and refined products before the latest sanctions, PDVSA trade data seen by Reuters showed.
Under its pre-payment deal with Rosneft, PDVSA deliveries about half that crude to Nayara, which controls Vadinar, India's second largest refinery, and sends the rest to Europe, including to Rosneft refining assets in Germany.
"PDVSA supplies to Rosneft or its subsidiaries in India under deals clinched before the sanctions are not falling under the sanctions," said Natalia Abtseshko, head of the international projects group at Moscow law firm Vegas Lex.
Nayara received 69,200 bpd of Venezuelan crude last year, down from 87,700 bpd in 2017, Refinitiv Eikon data shows.
PDVSA and Rosneft did not respond to Reuters requests for comment.
A representative of the U.S. Office of Foreign Assets Control (OFAC), part of the Treasury Department, declined to comment on whether Rosneft would be able to continue to receive PDVSA oil under their oil-for-payment deal.
About 9 million barrels were stuck in tankers waiting for payment or discharge instructions last week, Refinitiv Eikon data showed.
(Reporting by Collin Eaton in HOUSTON, Marianna Parraga in MEXICO CITY and Gleb Gorodyankin in MOSCOW; additional reporting by Nidhi Verma in NEW DELHI; Olga Yagova, Oksana Kobzeva, Olesya Astakhova, Vladimir Soldatkin and Natalia Chumakova in MOSCOW; Tim Gardner and David Gaffen; in WASHINGTON; Henning Gloystein in SINGAPORE; editing by Gary McWilliams and Jason Neely)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)