US Edition
Indian Refiners Pivot From Russian to Venezuelan Crude
Reliance Industries bought its first Venezuelan Boscan crude cargo in six years, shifting from Russian oil amid U.S. sanctions and plans for more shipments next month.
- Reliance Industries, India’s largest refiner, secured a license from the United States federal government earlier this month and bought its first Venezuelan crude cargo since 2023 on the Ottoman Sincerity Suezmax tanker.
- Facing pressure from Washington, Indian refiners reduced Russian imports, prompting Reliance to explore Venezuelan crude after U.S. sanctions targeted Rosneft.
- Cargo manifests indicate the Boscan crude is en route on the Ottoman Sincerity Suezmax tanker, with Reliance also buying 2 million barrels from Vitol and three VLCCs loading next month at Jose port, Venezuela.
- Financially, U.S. officials project oil sales from Venezuela under U.S. control will bring $5,000,000,000 over the next few months, while Reliance Industries explores direct deals with Venezuela’s PDVSA.
- Shipping schedules suggest at least three VLCCs at Jose port and tankers chartered by Vitol and Trafigura signal a logistical revival of Venezuelan exports to Indian refiners shifting from Russian crude.
15 Articles
15 Articles
New Delhi started buying oil from Venezuela.
Indian Refiners Pivot From Russian to Venezuelan Crude
Reliance Industries has bought its first cargo of Venezuelan crude since 2023 from Chevron, Reuters has reported, citing shipping data, amid growing appetite from Indian refiners for non-Russian oil supply. That appetite was prompted by U.S. pressure on the Indian government to reduce its imports of Russian crude—or face higher tariffs. Reliance Industries, India’s largest refiner, received a license to buy and sell Venezuelan crude from the Uni…
Venezuelan Oil Exports Surge with VLCC Charters, Eye India for Deliveries
With new VLCC charters, Venezuelan oil exports are poised to accelerate, targeting India as a key market. Major trading houses aim to cut transportation costs and boost export volumes, potentially reducing Venezuelan oil stocks swiftly. The move follows a recent U.S.-Venezuela supply deal, easing previous sanctions.
Times of India
The Economic TimesVenezuela readies larger oil cargoes for exports, targets India
Venezuelan oil exports are set to accelerate. The first Very Large Crude Carriers are now chartered for shipments. This development follows a recent deal between Venezuela and the United States. Deliveries to India are expected to increase significantly. Trading firms Vitol and Trafigura are involved in these operations. This marks a new phase for Venezuelan crude exports.
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