Daily Management Review

India's Reliance intends to resume purchases of Venezuelan oil


This was made possible following the lifting of US sanctions.

Reliance Industries (RIL) of India has chartered three tankers to transport oil from Venezuela, according to shipping statistics cited by The Indian Express.

The maximum amount of oil that each tanker can transport is 270,000 tons. One of them will be loaded in early January, and the other two will be loaded next week.

It is noteworthy that RIL and Nayara Energy are the regular purchasers of Venezuelan oil, which ranked as the country's fifth-largest supplier to India in 2019. Following US sanctions against Caracas, oil purchases from this location ceased. The last time India purchased crude from Venezuela was in November 2020, per Kpler.

The sanctions were revoked by US authorities in October of this year, removing a six-month ban on transactions involving Venezuelan gas and oil. New presidential elections were made possible by an agreement which leaders of the country negotiated with the opposition.

source: indianexpress.com