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INDIA BECOMES TOP BUYER OF VENEZUELAN CRUDE IN DEC, JAN
Why in the news?
India becomes the top importer of Venezuelan crude oil in December 2023 and January 2024 after a hiatus of three years.
source:slideserve
source:slideserveAbout Resurgence in Venezuelan Crude Imports:
- In 2019: Venezuela was India’s fifth-largest oil supplier, providing nearly 16 million tonnes.
- Recent: Eased sanctions enable Venezuela, an OPEC member, to export oil freely for six months.
- Suspension of Venezuelan oil imports by Indian refiners in 2020 followed US sanctions against Caracas.
- Temporary easing of US restrictions in October 2023 prompts Indian refiners, led by Reliance Industries (RIL), to resume purchases, likely due to discounted prices.
