Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
India has stopped buying Venezuelan oil because of the possibility that the US waiver of sanctions on Venezuela won’t be renewed according to Bloomberg.
- Reliance Industries, Indian Oil Corp. and HPCL-Mittal Energy Ltd. have all paused their purchases of grades such as Merey to avoid any potential complications from the return of sanctions according to Bloomberg sources.
- The US waiver of sanctions on Venezuelan oil & gas expires on April 18 and there are growing concerns that it won’t be renewed as Venezuela has failed to meet the condition of free & fair elections. President Maduro has disqualified his main rival from running in July’s vote.
- India has received 10mbbl of Venezuelan crude so far this year, with another 6mbbls en route. No India-bound loadings of Venezuelan crude are expected in April, said Viktor Katona at Kpler.
- The average landed cost was $60.60/bbl in January compared to $78.80 for Russian oil.
- The return of US sanctions may include a wind-down period without penalties for traders and shipping companies.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok