The Indian conglomerate, which final 12 months obtained approval from U.S. authorities to buy oil from the sanctioned producer, imports a median of two million barrels of Venezuelan crude each month, in accordance to LSEG information.
It’s scheduled to obtain a Venezuelan cargo in early April, LSEG commerce flows information confirmed.
U.S. President Donald Trump’s government order says that increased tariffs could also be imposed on or after April 2 on all items imported from any nation that buys Venezuelan oil.
The three trade sources with data of Reliance’s buying plans mentioned the corporate would stop buying Venezuelan crude due to the tariff risk.
It was not instantly clear, nevertheless, if it will nonetheless take supply of the April cargo, added one of many sources, all of whom declined to be recognized as they weren’t authorised to communicate to media. Reliance didn’t reply to a Reuters request for remark. Loading of Venezuelan heavy crude on the nation’s foremost oil ports has already slowed this week following the tariff announcement.
Reliance’s two refineries in western Gujarat state can course of about 1.4 million barrels per day of crude oil.
The complexity of these crops permits it to course of cheaper and heavier crudes comparable to Merey from Venezuela.
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