In a significant development, India is set to resume crude oil imports from Venezuela after a hiatus of three years, as revealed by Petroleum Minister Hardeep Singh Puri and reported by Indian Express.

The decision comes on the heels of the United States easing sanctions on Caracas in October, paving the way for India to renew its imports of Venezuelan oil.

Minister Puri emphasised that several Indian refineries, including Reliance Industries (RIL), Indian Oil Corporation (IOC), and HPCL-Mittal Energy (HMEL), have already booked Venezuelan oil cargoes.

These shipments are expected to reach India over the next couple of months.

Bharat Petroleum Corporation is also reportedly exploring the option of resuming oil imports from Venezuela.

"As a major international consumer of crude oil, India is willing to buy oil from any country that is not under sanctions," stated Minister Puri.

He highlighted the readiness of Indian refineries, such as IOC's Paradip facility, to process heavy Venezuelan oil, reinforcing India's commitment to diversify its sources of crude oil.

Prior to the imposition of US sanctions on Caracas in 2019, India, particularly private sector refiners RIL and Nayara Energy, was a regular buyer of Venezuelan crude.

The sanctions led to a halt in oil imports from Venezuela, with the last shipment recorded in November 2020.

Venezuela, holding the world's largest proven oil reserves and a member of the Organisation of the Petroleum Exporting Countries, has reportedly been offering substantial discounts to Chinese independent refiners.

However, recent reports indicate that these discounts have narrowed due to the easing of sanctions and increased interest from other global buyers.

Indian crude oil imports

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