Indian Oil Corp and Reliance Industries have purchased Venezuelan oil prior to now, Mr Puri stated. (File)
New Delhi:
Indian refiners can course of Venezuelan oil and the nation could purchase it offered that it’s out there cheaply, Oil Minister Hardeep Singh Puri stated on Wednesday, days after the US briefly lifted sanctions on OPEC member Venezuela’s oil sector.
India is the world’s third largest oil importer and shopper and ships over 80% of its oil wants from abroad and desires to chop its crude import invoice.
“It’s all the time good when extra provides come to market,” Oil Minister Hardeep Singh Puri stated at an business occasion, talking about Venezuelan oil, and added: “We are going to purchase from wherever we will get cheaper oil.”
Venezuela has one of many largest oil reserves and manufacturing from it at a big scale can have a dampening impact on international oil costs, Mr Puri stated.
The South American nation had been underneath crushing sanctions since 2019. These have been broadly lifted by the US two weeks in the past in response to a deal reached between the Venezuelan authorities and opposition events for the 2024 election.
A brand new common licence issued by the US Treasury Division authorises Venezuela to provide and export oil to its chosen markets for the subsequent six months with out limitation.
Indian Oil Corp and Reliance Industries have purchased Venezuelan oil prior to now, Mr Puri stated.
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