Venezuela IS committed to supply one million barrels per day to India

Venezuela, with the largest oil reserve in the world, and a prospective production of six million barrels per day, has already committed to supply one million barrels per day to India. Other similar offers can be explored. Revive the proposal of forming a buyers’ cartel with major oil importing countries such as the US, Japan, Germany, China, India, France, South Korea and so on. The buyers’ cartel could negotiate a price with the oil exporting countries at a markup of, say, 50 per cent above costs, as against 500 per cent at present. After purchasing oil from the producing countries, the buyers’ cartel could release the oil in the market and let demand determine the price.

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Venezuela is facing the most difficult period of its history with honest reporters crippled by sectarianism on top of rampant corruption within the administration and beyond, aided and abetted by criminal forces in the US and Spanish governments which cannot accept the sovereignty of the Venezuelan people to decide over their own future.

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