“Oil is a commodity and at the right price people will buy it. It’s like stolen property; there’s always going to be someone willing to make a buck,” said Russ Dallen, managing director of Caracas Capital, a Venezuela-based boutique investment bank, who closely tracks the oil industry.
Cut off from U.S. oil payments, Maduro has already begun to look for alternative markets, including India, the world’s second most populated country with 1.4 billion people and fast-growing fuel market which has a huge appetite for fuel as its population moves from bicycles to motorbikes and cars. “The Indians love Venezuelan oil,” said Dallen. “It’s very heavy, like tar, they can also turn it into asphalt and use it to make roads.”
The current head of PDVSA, General Manuel Quevedo is a career military officer with no oil industry experience. “Quevedo has done the work of our sanctions by himself because of his incompetence,” said Dallen. “They have killed the golden goose themselves,” he added.