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Venezuela Sending Two Million Barrels of Crude to India


Venezuela's state-owned oil company says it is sending two million barrels of oil per month to India as part of an effort by President Hugo Chavez's government to diversify his country's oil markets.

Petroleos de Venezuela SA, or PDVSA, said in a statement Monday that a tanker left April 5 for India, carrying two million barrels of crude oil. A similar shipment was made in February.

Last month, Venezuela said it is looking for other markets for its oil in case the United States stops buying its petroleum. Vice President Jose Vicente Rangel said his country does not want to cut off exports to the U.S., but wants a contingency plan in case the U.S. decides to stop importing crude.

President Chavez has warned he could stop exporting oil to the United States if Washington goes too far in what he has said are attempts to destabilize his government.

Venezuela is the world's fifth-largest oil exporter.

Some information for this report was provided by AP and Reuters.