2023-11-03 06:45:00
INDIA NEED VENEZUELA'S OIL
REUTERS - Nov 1 - Indian refiners can process Venezuelan oil and the nation may buy it provided that it is available cheaply, India's oil minister said on Wednesday, days after the U.S. temporarily lifted sanctions on OPEC member Venezuela's oil sector.
India, the world's third biggest oil importer and consumer, ships over 80% of its oil needs from overseas and wants to cut its crude import bill.
"It is always good when more supplies come to market," Oil Minister Hardeep Singh Puri said at an industry event, speaking about Venezuelan oil, and added: "We will buy from wherever we can get cheaper oil."
Venezuela has one of the largest oil reserves and production from it at a large scale will have a dampening effect on global oil prices, Puri said.
The South American country had been under crushing sanctions since 2019. These were broadly lifted by the U.S. two weeks ago in response to a deal reached between the Venezuelan government and opposition parties for the 2024 election.
A new general licence issued by the U.S. Treasury Department authorises Venezuela to produce and export oil to its chosen markets for the next six months without limitation.
Indian refiners Indian Oil Corp (IOC.NS) and Reliance Industries (RELI.NS) have bought Venezuelan oil in the past, Puri said.
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Earlier:
2023, October, 6, 06:40:00
INDIA NEED OIL
Puri has long called for OPEC and its allies led by Russia, known as OPEC+, to consider how their policies affect oil-consuming countries.
2023, September, 22, 06:40:00
INDIA NEED ELECTRIFYING
Transportation in India contributes 14% of CO2 emissions (ICCT 2022), with 90% of energy used by road transport (Hagemann et al., 2020) and 50% of oil demand (IEA 2021). Amidst economic growth, addressing energy use and decarbonization is vital.
2023, April, 28, 06:45:00
RUSSIAN OIL EXPORTS UP
Since Western sanctions over the war in Ukraine cut off Russia from many of its established trading partners, state companies from Saudi Arabia and the United Arab Emirates have stepped in to take advantage of discounted prices for Russian products,
2023, February, 20, 12:05:00
RUSSIAN OIL FOR INDIA UP
Refiners in India, which rarely used to buy Russian oil because of costly logistics, have emerged as Russia's key oil client
2023, February, 13, 13:30:00
RUSSIAN FUEL OIL FOR CHINA RISE
China has imported about 2.3 million mt HSFO over December-January, about 235% higher compared to 687,000 mt during November-December, according to Kpler shipping data.
2023, February, 8, 12:50:00
RUSSIAN OIL FOR INDIA WILL UP
India's oil imports from Russia are likely to continue to rise this year mainly because of the steeply discounted prices it is selling at, he said, and assuming there are "no further stringent actions by the Western countries targeting Russian oil."
