Surge in India’s Import of Venezuelan Oil
India imported in June the highest volume of Venezuelan crude in 21 months, more than double the amount from May and more than 50% higher than in June 2018, Reuters reported on Monday, citing data provided by industry and shipping sources.
The surge in India’s imports of Venezuelan crude oil to 475,200 bpd in June was partially due to delayed cargoes from previous months, according to Reuters’ shipping sources.
India, which stopped buying Iranian oil in May after the US removed all sanction waivers for Iran’s oil customers, continues to buy Venezuelan oil, despite earlier US assurances that private Indian refiners had stopped buying oil from Venezuela.
According to Reuters, there are two private refiners who continue to buy Venezuelan oil—Reliance Industries and Nayara Energy, who had struck term deals to buy crude from Venezuela’s state oil firm PDVSA before the US slapped sanctions on Venezuelan oil earlier this year.
Nayara Energy, formerly known as Essar Oil before Russia’s oil giant Rosneft bought a significant stake in the Indian refiner, also receives Venezuelan oil from Rosneft, which PDVSA sends to the Russians in exchange for repaying debt.
Reliance, for its part, has a 15-year term deal with the Venezuelan oil company from 2012 to buy up to 400,000 bpd of heavy crude oil.
source: Financial Tribune
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years