Venezuelan oil finds home in India as US shuns shipments

18 February, 2019 12:00 AM printer

Houston: India is feasting on Venezuelan oil, after the US imposed a de facto ban on crude imports from the Latin American nation.

While flows to the US came to a halt, India became the No. 1 buyer of Venezuelan crude in the first half of February, with imports jumping 66 per cent to 620,000 barrels a day. Indian refiners Reliance Industries Ltd and Nayara Energy Ltd, which is backed by Rosneft Oil Co PJSC, are driving the boost, report agencies.

Still, Venezuelan crude exports have plunged since US President Donald Trump ratcheted up sanctions against the country’s oil company. Shipments of oil, the commodity that bankrolls the regime of embattled president Nicolas Maduro, fell to 1.12 million barrels daily in the first half of February.