India to import discounted Venezuelan oil over 465,000 bpd
Business
India is about to import over 465,000 barrels of Venezuelan oil per day this October, the most since 2019.
Why? Venezuela's offering big discounts, and Reliance Industries is looking for cheaper options as Russian oil gets pricier.
The catch: Venezuelan crude is harder to process because it's heavier and higher in sulfur.
India's Russian oil import share falls
India only started buying Venezuelan oil again in February after the US eased sanctions.
At the same time, Russian oil (once India's top pick) has become more expensive and harder to get due to new sanctions.
As a result, Russia's share of India's imports dropped from 56% in July to just 35% by September.