India increased imports of crude oil from Venezuela to almost double the average quantity in the first half of this month as per data compiled by Bloomberg.
That Bloomberg data suggests that Venezuela shipped around 620,000 barrels a day in the first half of the month which is more than double India’s Venezuelan oil purchase of 300,000 barrels a day. Indian refiners Reliance Industries Ltd and Nayara Energy Ltd, which are major buyers of heavy crude, are driving forces behind the import quantity hike.
India has made it clear, despite US warnings, that commercial considerations and related factors will determine the value of trade with Venezuela. Read More