WITH THE United States (US) easing sanctions on Venezuela, India’s crude oil imports from Caracas are set to resume after three years with private sector giant Reliance Industries Ltd (RIL) booking three tankers scheduled to load oil from the Latin American country in December and January 2024, as per shipping fixtures shared by trade sources.
Private sector refiners RIL and Nayara Energy (NEL) were regular buyers of Venezuelan crude prior to imposition of US sanctions on Caracas in 2019. Following the sanctions, oil imports from Venezuela stopped.
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