Indian Refiners Pivot From Russian to Venezuelan Crude

Market Intelligence Analysis

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Why This Matters

Indian refiners, particularly Reliance Industries, are shifting their crude oil supply from Russia to Venezuela due to US pressure and tariffs, marking a significant pivot in their energy sourcing strategy.

Market Impact

Market impact analysis based on bearish sentiment with 80% confidence.

Sentiment
Bearish
AI Confidence
80%
Time Horizon
Short Term

Article Context

Note: This is a brief excerpt for context. Click below to read the full article on the original source.

Reliance Industries has bought its first cargo of Venezuelan crude since 2023 from Chevron, Reuters has reported, citing shipping data, amid growing appetite from Indian refiners for non-Russian oil supply. That appetite was prompted by U.S. pressure on the Indian government to reduce its imports of Russian crude—or face higher tariffs. Reliance Industries, India’s largest refiner, received a license to buy and sell Venezuelan crude from the United States federal government earlier this month. Reliance was the biggest single buyer of…

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Original article published by OilPrice.com on February 25, 2026.
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