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(Bloomberg) — Reliance Industries Ltd. has returned to Venezuelan crude after a pause that began in the middle of last year, as India seeks to diversify its supply and US intervention brings the South American country’s oil back to market.
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The refining giant has taken one Very Large Crude Carrier with a cargo of around 2 million barrels, according to a person familiar with the transaction. The person asked not to be named as they aren’t authorized to speak to the media.
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Reliance did not respond to an email seeking comment.
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The deal is India’s first since the US seized former president Nicolas Maduro last month and stepped into the country’s oil sector. It also comes after Washington and New Delhi struck a trade deal that slashes tariffs on Indian exports. US President Donald Trump tied the agreement to the end of Russian oil imports, though New Delhi has not provided detail.
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India has previously bought cargoes of Venezuelan crude and Reliance took imports until last year, under a US sanctions waiver. It accounted for about 25% of the Latin American country’s exports in 2019.
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India’s oil import decisions will be guided by energy security and supply diversification concerns, foreign ministry spokesperson Randhir Jaiswal told reporters at a briefing on Thursday.
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“Ensuring the energy security of 1.4 billion Indians is the supreme priority of the government,” Jaiswal said. “India remains open to exploring the commercial merits of any crude supply options, including from Venezuela.”
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Oil traders Vitol Group and Trafigura Group have both been offering Venezuelan crude to buyers in top importers China and India in recent days. Indicative price levels for Asia delivery have been around a $5 to $8 a barrel discount to ICE Brent futures in the middle of January, for arrival in April.
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—With assistance from Weilun Soon, Alex Longley and Lou Del Bello.
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