Venezuela Cannot Be Excluded From The Global Oil Market: VP Rodriguez

Venezuelan VP Delcy Rodriguez, Feb. 11, 2025. Photo: VP

February 11, 2025 Hour: 2:33 pm

Despite the U.S. blockade, Venezuelan oil output grew by 17.6% in 2024, averaging 921,000 barrels per day.

On Tuesday, Delcy Rodriguez, the Venezuelan Vice President and Oil Minister, called the attempt to exclude her country from the global oil sector “absurd.”

“Attempting to exclude the country with the largest oil reserves on this planet is absurd,” she said, highlighting that 26% of the world’s oil production is currently subject to “illicit and illegal” sanctions.

“This issue cannot be ideologized because we are talking about the right of nations to development,” the Bolivarian official said, referring to the impact of sanctions on oil markets in countries such as Venezuela and Russia.

Her comments were made during a roundtable discussion organized at India Energy Week, which is being held in New Delhi from February 11 to 14. Also participating in the discussion were India’s Oil Minister Hardeep Singh Puri, the Secretary of the Organization of the Petroleum Exporting Countries (OPEC), Haitham al-Ghais; and Russia’s Deputy Energy Minister Pavel Sorokin.

#FromTheSouth News Bits | Venezuelan Vice President Delcy Rodriguez arrived in India to participate in the energy week and review issues on the bilateral agenda. The event will be in New Delhi until February 14 and will be attended by over 75,000 experts from 120 countries. pic.twitter.com/dANNwWzUqN
— teleSUR English (@telesurenglish) February 11, 2025

“Time is proving that those who sought to exclude Venezuela from the international energy equation were wrong. Venezuela not only has light crude oil but also vast reserves of heavy and extra-heavy crude,” Rodriguez pointed out.

“Oil must serve the purpose of development,” the Bolivarian Vice President said, reiterating the bonds of solidarity and cooperation between Venezuela and India.

In the past, Venezuela was the third-largest oil supplier to India before U.S. sanctions affected its production and export levels. India, in turn, was Venezuela’s primary source of foreign currency, as it paid cash for oil shipments made by the state-owned company Petroleos de Venezuela (PDVSA).

Despite the U.S. blockade, Venezuelan oil production grew by 17.6% in 2024, averaging 921,000 barrels per day (bpd), according to OPEC figures reported on January 15.