Indian refiners are expecting tankers of Venezuelan crude from Vitol, media reported on Tuesday, after Indian Oil Corp IOC and Mangalore Refinery and Petrochemicals MRPL purchased 2 million barrels of Venezuelan crude
for November delivery. This is part of a broader trend, as India continues to increase imports from Venezuela after the U.S. Treasury allowed transactions under specific conditions despite ongoing sanctions targeting President Nicolas Maduro's regime. Indian Oil Corp, the country's largest refiner, is set to receive 1.2 million barrels of crude, while MRPL will take in 800,000 barrels of the heavy Merey crude.
This isn't the first time India has moved swiftly to secure Venezuelan crude. Earlier this year, Reliance Industries, India's largest private refiner, resumed purchases of Venezuelan oil after receiving a U.S. license. The deal includes swapping heavy naphtha, a key diluent, for Venezuelan crude.
Venezuela Crude Oil Supertanker VLCC Sanctions
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