Brief by Shorts91 Newsdesk / 02:22pm on 02 Dec 2023,Saturday Business
Indian refiners, including Reliance, have restarted purchasing Venezuelan oil through intermediaries, with Reliance planning talks with PDVSA executives for potential direct sales. Following the temporary lifting of U.S. sanctions on Venezuelan oil exports, three Indian refiners secured 4 million barrels for February delivery at $7.50 to $8 below dated Brent. Venezuela aims for 1 million bpd production, but challenges persist. Reliance, once a major PDVSA customer, seeks discussions on crude sales to India and fuel imports for Venezuela. While no cargoes have reached India, vessels are expected to depart in December, according to tracking data. [ Representative Image ]
