India to Restart Imports of Venezuelan Crude

India is set to restart imports of Venezuelan oil for the first time in three years, according to Bloomberg.

• Three fixtures, capable of transporting around 6m bbl of crude, are set to load from Venezuela and head to India in December and early January, Bloomberg said.
• India was a major buyer of Venezuelan crude prior to the sanctions but had lost ground to Chinese refineries who had snapped up the discounted sanctions barrels.
• India previously imported around 10m bbl per month from the South American nation, according to Kpler.
• India’s reemergence as a buyer from Venezuela will deal a further blow to Chinese refiners, as the discounts offered to the latter continue to narrow.
• Teapot refineries in Shandong have largely been squeezed out of the market for Venezuelan crude since sanctions were lifted in H2 Oct.