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Indian State Refiners Show Interest in Venezuelan Oil

OIL

Indian state-owned refineries look set to join Indian private refineries in buying Venezuelan oil now that US sanctions have temporarily eased.

  • India’s Bharat Petroleum is looking to buy Venezuelan oil according to Bloomberg sources while smaller state refiner Hindustan Mittal is already buying.
  • Hindustan Petroleum is waiting for local processing upgrades before it enters the market for Venezuelan oil.
  • Private Indian refiner Reliance has already booked 2-3 VLCC’s of Venezuelan oil due to load between December and early-January.
  • The head of Bharat Petroleum has said that Indian refining capacity is limited by the volumes of Venezuelan oil it can process.
  • Washington has questioned Venezuela’s commitment to its latest sanctions easing deal which could see sanctions reimposed.
  • Demand from the US and India has seen China buyers of Venezuelan crude face more competition for flows.
Energy BulletsCommodities
Energy BulletsCommodities

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