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Reliance Industries Ltd. has paused additional purchases of Venezuelan crude after US President Donald Trump approved a 25% tariff on nations shopping for the South American nation’s oil.
India’s largest privately owned refiner is predicted to take supply of a cargo of Merey crude that’s at present en route from Venezuela, however further shopping for has been placed on maintain, in accordance with folks accustomed to the state of affairs, who requested to not be recognized as a result of the matter is delicate.
Reliance secured waivers from the US final yr to renew importing crude from Venezuela, and Kpler estimates the refiner has taken 6.5 million barrels for the reason that begin of the yr. Trump’s government order on Monday, nevertheless, will goal any nation taking Venezuelan oil with “secondary” tariffs, with impact from April 2.
A Reliance spokesman didn’t instantly reply to messages searching for remark.
Different Indian refiners at instances final yr bought Venezuelan oil from merchants moderately than the nation straight, however low cost and extra accessible Russian crude has lengthy been a extra enticing supply of provide. Reliance additionally buys Russian oil.
China has been the only largest purchaser of Venezuela’s crude, taking greater than 40% of its oil exports in February. The nation’s non-public refiners, which course of many of the crude, could briefly pause purchases as scrutiny will increase however the move of sanctioned oil is unlikely to cease.
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