Chavismo offers Venezuelan oil to Europe under advance payment – Venezuela – International

While Venezuela still has not finalized a real agreement with the United States on oil exports, despite the meetings that both parties have held in Caracas this 2022, The scenario of the war in Ukraine shows market opportunities and Chavismo knows it.

(Also read: Judge will soon decide if Maduro or Guaidó access gold in England)

Diosdado Cabello, first vice president of the United Socialist Party of Venezuela (PSUV), offered Europe the oil in exchange for advance payments.

What is certain is that Venezuela has oil, not only for Spain, but for Europe”, emphasized Cabello, who in recent weeks has insisted that when winter comes, the countries of the old continent “will suffer” the consequences, according to him, for opposing Russia.

(Also read: Venezuela: 30 explosives deactivated in the border area with Colombia)

However, Cabello’s offer has a limitation and that is that US sanctions prevent Venezuela from receiving payments through financial institutions, as it is excluded from the Society for Worldwide Interbank and Financial Communications, known as Swift. That is why Russia, China and Iran have become the allies that help Caracas in oil and supply transactions.

God given hair

Diosdado Cabello offered Europe crude oil.

Hence, Cabello’s suggestion is to look for new payment options. “Given the circumstances, they will have to pay it in a mechanism that allows Venezuela to use the resources. If we are blocked, how are they going to pay us with a bank account in Portugal, if in Portugal they took the PDVSA money from us?”, questioned the also deputy.

For Cabello, if Europe wants Venezuelan crude, the countries must do business with Nicolás Maduro, whom they do not recognize as president. “We repeat, there is oil here, all that they need for more than 100 years, but they have to pay for it,” he clarified.

Venezuela has oil, not only for Spain, but for Europe

With the price of oil above one hundred dollars, the benefits for the country would be important, but even if the United States were to withdraw all the sanctions that currently weigh on Petróleos de Venezuela (PDVSA), at this time the Venezuelan industry is only capable of producing around 700,000 barrels per day, so it is still far from being a major exporter.

That added to the defaults of PDVSA, which until 2020 totaled 34,494 million dollars.


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