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Indian Refiners Making First Venezuelan Oil Purchases Through Intermediaries

OIL

Indian refiners have restarted buying Venezuelan oil through intermediaries according to Reuters sources. Major Indian refiner Reliance is set to meet with PDVSA executives to discuss direct sales its sources said.

  • The move follows the easing of US sanctions on Venezuelan oil and gas. India last bought oil from Venezuela in 2020.
  • Three Indian refiners have bought ~4mn bbls of Venezuelan crude for February delivery between $7.50 and $8 below dated Brent on a delivered ex-ship basis.
  • “Reliance had previously received an offer for a prompt cargo at $16 a barrel below dated Brent on a free-on-board basis.” a source told Reuters.Reliance was once PDVSA’s second largest customer.
  • India has not received any cargoes from Venezuela yet, but vessel tracking indicates some finished loading in late November.
  • Venezuelan eased oil and gas sanctions remain under threat after failing to meet US agreed conditions at the end of November.
Energy BulletsCommodities
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