Ambani's Reliance Drives India’s Venezuela Oil Imports to Seven-Year High
Kpler said October deliveries could more than double to 465,000 barrels a day as Indian refiners shift away from costlier Russian supplies.
- Reliance Industries Ltd. is set to surge Venezuelan crude imports to about 465,000 barrels a day this month, the highest level since December 2019, as steep discounts lure the refiner amid costlier Russian supplies.
- Imports from Russia fell to about 35% in September from 56% in July as prices rose, while a sweeping U.S. sanctions law raised the threat of fresh punitive tariffs on energy buyers from Moscow.
- Reliance's Jamnagar complex, the world's "largest and most complex single-site refinery," received 76% of India's Venezuelan crude in September, according to Kpler data, with 1.4 million barrels per day processing capacity.
- While President Donald Trump touted "THIS IS A HISTORIC $300 BILLION DOLLAR DEAL" involving Reliance, the Indian government maintains its energy procurement decisions are driven by the need to ensure energy security for its people.
- Sumit Ritolia, senior manager of modeling at Kpler, expects October deliveries to be closer to 350,000 barrels a day, warning that rising tanker rates could make the projected surge difficult to sustain.
15 Articles
15 Articles
Russian Oil Gets Too Expensive for India as Imports Sink to Lowest Level Since 2022
Indian refiners are cutting purchases of Russia’s flagship Urals crude for November delivery as higher prices erase much of the discount that helped Russian oil capture a dominant share of the Indian market after the full-scale invasion of Ukraine, Bloomberg reported on October 8, citing people familiar with the matter.
India cut purchases of Russian oil due to rising prices and competition with China - Bloomberg <p>Indian refineries have reduced purchases of Russian oil due to the rising price of the Urals and competition with China. Supply from the Middle East have grown.</p>
India Shuns Costly Russian Oil as Middle East Flows Recover
Indian refiners have cut back Russian crude purchases for November delivery, as rising competition from China pushes up prices at a time when buyers can tap alternative shipments from the Middle East.
India is still importing more oil from Russia, but due to the increase in Russian currency, India has to pay more cost for importing Russian oil. Meanwhile, India has increased imports from another country.
Coverage Details
Bias Distribution
- 38% of the sources lean Left, 37% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
