Indian refiners have suspended purchases of crude oil from Venezuela as the U.S. sanctions waiver for Venezuela's exports expires in April.
Indian state and private refiners have suspended purchases of crude from Venezuela as the U.S. sanctions waiver on Venezuela’s oil exports expires on April 18 and could lead to complications if not renewed, sources familiar with the purchases have told Bloomberg. Private refiner Reliance Industries, which is India’s largest buyer of Venezuelan crude grade Merey, looks to avoid complications with cargoes if the U.S.
As a result, the top international oil trading houses are back in the business of trading with oil from Venezuela, and refiners in India returned at the end of last year to the market of purchasing Venezuela’s crude. In December, India resumed imports of crude oil from Venezuela for the first purchases since 2020 after the U.S. lifted most of the sanctions on Venezuela’s oil industry in October.
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