US eyes bigger India role in Venezuelan oil; RIL to step up purchases
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓US Secretary of State Marco Rubio discussed increasing Venezuelan oil purchases with Reliance Industries on Tuesday.
- ✓India imported 196,000 barrels per day in September.
- ✓Rubio said, "India is a refining superpower.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Financial Express
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
US Secretary of State Marco Rubio discusses increasing Venezuelan oil purchases with Reliance Industries, highlighting India's refining capacity and efforts to diversify energy sources amid global supply challenges.
India imported around 196,000 barrels per day (bpd) from Venezuela in September, after purchases surged to about 358,000 bpd in August, the highest since 2020. October purchases are likely to exceed August levels.
Washington exercises significant control over the South American country's hydrocarbon assets.
On Tuesday, Rubio told reporters in Mumbai that Indian refiners were willing to process more Venezuelan oil, while acknowledging that some sanctions-related hurdles would need to be worked through. "India is a refining superpower. They have the capability to refine heavy crude. They've done so in the past, and I think as more and more Venezuelan oil comes online, it's something they can do," he said.
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Financial Express
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