{"id":12102,"date":"2024-10-09T03:45:22","date_gmt":"2024-10-09T03:45:22","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=12102"},"modified":"2024-10-09T03:45:22","modified_gmt":"2024-10-09T03:45:22","slug":"vitol-to-send-venezuelan-crude-oil-to-indian-refiners","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/12102\/","title":{"rendered":"Vitol to Send Venezuelan Crude Oil To Indian Refiners"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Indian refiners are expecting tankers of Venezuelan crude from Vitol, media reported on Tuesday, after Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals (MRPL) purchased 2 million barrels of Venezuelan crude for November delivery. This is part of a broader trend, as India continues to increase imports from Venezuela after the U.S. Treasury allowed transactions under specific conditions despite ongoing sanctions targeting President Nicolas Maduro’s regime.<\/p>\n

Indian Oil Corp, the country’s largest refiner, is set to receive 1.2 million barrels of crude, while MRPL will take in 800,000 barrels of the heavy Merey crude. Although MRPL doesn’t usually buy this grade of oil, the shift suggests that Indian refiners are adjusting their strategies to meet both processing needs and cost management in today’s market. Vitol, IOC, and MRPL have not commented on the specifics of the deal, and it is unclear whether Vitol has a license or whether it bought the crude from someone else with a license and is reselling it.<\/p>\n

This isn’t the first time India has moved swiftly to secure Venezuelan crude. Earlier this year, Reliance Industries, India’s largest private refiner, resumed purchases<\/a> of Venezuelan oil after receiving a U.S. license. The deal includes swapping heavy naphtha, a key diluent, for Venezuelan crude. As long as these exemptions remain in place, Indian refiners are expected to keep buying Venezuelan oil to ensure a steady supply for their refineries, which are built to process heavier crude grades.<\/p>\n

For India, the third-largest crude oil importer<\/a>globally, Venezuelan crude offers a valuable option to keep refineries running efficiently.<\/p>\n

Most Indian refiners have resumed the purchases of Venezuelan crude oil via intermediaries, and Reliance was said to be looking to discuss direct sales with Venezuela’s state-owned oil firm PDVSA back in March.<\/p>\n

Updated on