As Reuters reports, Indian refiners have resumed Venezuelan oil purchases through intermediaries, with Reliance (RELI.NS) set to meet executives from state firm PDVSA next week to discuss direct sales following the easing of U.S. sanctions on the South American country, people familiar with the matter said.
ccording to Reuters, trade resumed between the OPEC producer and the second largest destination for its oil after Washington in October temporarily lifted sanctions banning Venezuelan oil exports, prompting a flurry of spot sales of crude and fuel through middlemen and traders, mostly to China.
India last imported Venezuelan crude in 2020. Access to Venezuela’s heavy oil could cap import costs for India, which has become a major Russian oil buyer, and further reduce its reliance on the Middle East.
No cargoes have reached India yet, but some vessels finished loading in late November, so are expected to be authorized to depart in December, according to tanker tracking data and shipping schedules, Reuters adds.