Reliance secures direct deal as India resumes Venezuelan oil imports

Indian refiners, including Reliance, have resumed purchasing Venezuelan oil through intermediaries, with Reliance planning to discuss direct sales with state firm PDVSA. This comes after the temporary lifting of U.S. sanctions on Venezuela, leading to increased spot sales of crude and fuel. India, which last imported Venezuelan crude in 2020, aims to reduce its reliance on the Middle East and potentially lower import costs by accessing Venezuela's heavy oil. Three Indian refiners have already bought around 4 million barrels of Venezuelan crude for February delivery. While no cargoes have reached India yet, vessels are expected to depart in December.