World

US warns world from buying oil from Venezuela

After failing to dislodge President Nicolas Maduro out of power in Venezuela; America is now fighting to ruin this Latin American nation financially. Now it has asked other nations not to buy oil from Venezuela. US National Security Advisor John Bolton has said that the country and the companies who buy oil from Venezuela-they have to bear the brunt. They will not be forgiven. It is worth mentioning that India also buys oil from Venezuela.

Bolton gave the warning on Tuesday after the statement of the Venezuelan oil minister in Indian city Noida, which said that his country, which was affected by sanctions, wants to sell crude oil in large quantity to India. Venezuelan oil minister Manuel Quevedo is also the head of PDVSA, a government oil company. The US has put many restrictions on this government company. Venezuela’s economic condition has deteriorated with these restrictions.

Venezuela is also having the world’s largest oil reserves. The economy of it is based on oil. America has long wanted to remove the communist government there. In an interview with journalists from Petrotech Conference in Greater Noida, the Venezuelan oil minister had said that “we have good relations with India. We want to extend these relations forward. Because of this, we want to increase all types of business.”

It is notable that India is the world’s third largest oil consumer country. Responding to Quevedo’s India visit, the American Security Advisor said, Maduro and his people are stealing Venezuela’s natural wealth. This is not going to be tolerated. America will use its power to protect the rights of Venezuela’s people and their natural resources. It is notable that Venezuela, which is suffering from the ban of America and its allies, wants to sell more of its oil to India and China, which can improve its economy.

India is one of the top countries in terms of buying oil from Venezuela. Due to Maduro’s wrong policies, the US is now threatening to ban its oil exports. In March last year, Nicolas Maduro had come to India to participate in the International Solar Alliance Summit. India also has a bilateral agreement with Venezuela for cooperation in hydrocarbon sector. Apart from this, India has invested in Venezuela’s oil sector. In such a situation, there can be a deeper economic and political crisis affecting Indo-Venezuela relations.

Inflation rate reaches 13 million

In Venezuela, in the present time, people do not have the money to eat either in the middle of a bad economy or there are so many that they are unable to buy something from them. At present, the price of small bread has also gone up in hundreds. In the past, the struggle has also been clearly seen in some places on food. During the past few years, millions of people have taken refuge in neighboring countries. Venezuela’s border meets Colombia in the west, Guyana in the east and Brazil in the south.

Venezuela has the world’s largest known oil reserves and it is one of the world’s leading exporters of oil. After this, it was declared bankrupt by credit rating agencies until 2017. In December last year, the rate of inflation has reached nearly one million percent. It was estimated by the International Monetary Fund in August. Currently it is 13 million percent. In fact, in August last year President Maduro changed the name of the country’s currency Bolivar to ‘Soberano Bolivar’. Apart from this, its 95 percent devaluation was also done. Since then, the rate of inflation in the country has been rising rapidly.

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