Indian Refiners Pivot From Russian to Venezuelan Crude
Market Intelligence Analysis
AI-PoweredIndian 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 analysis based on bearish sentiment with 80% confidence.
Article Context
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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