Venezuela back in oil mkt

New Delhi: India, the world’s third largest oil consuming and importing nation, welcomes the return of Venezuelan oil to the market after sanctions on the Latin American nation were eased, Petroleum Minister Hardeep Singh Puri said. Without saying if India has resumed purchases from Venezuela, he said some refiners in the country have the capability to process heavy crude oil produced in the Latin American nation. India last imported Venezuelan crude in 2020.

The US Treasury Department in October partially lifted sanctions on Venezuela’s oil and gas sector. The partially lifted sanctions are through a new six-month license authorising transactions in the country’s oil and gas sector. The license is to be renewed only if Venezuela can meet commitments leading to fair voting in the next year’s presidential election.

“We always buy from Venezuela. We have always bought stuff from Venezuela. It’s when Venezuela came under sanctions that they were not able to supply,” Puri told reporters. He said many refineries, including Indian Oil Corporation’s (IOC) Paradip refinery in Odisha is capable of processing the heavy Venezuelan oil into fuels such as petrol and diesel. “We will buy,” he said.