• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
UK Battery Storage Firms Wrestle with Financial Turmoil

UK Battery Storage Firms Wrestle with Financial Turmoil

UK battery storage investment trusts,…

Indian Refiners To Stop Importing Venezuelan Crude

Two Indian oil refiners who still buy Venezuelan crude will stop importing oil from the Latin American country from April as the U.S. steps up sanctions pressure on Nicolas Maduro’s regime, Reuters reported on Friday, quoting three sources familiar with the plans.

Indian conglomerate Reliance Industries as well as Nayara Energy, in which Rosneft holds a stake, have been buying a lot of Venezuelan crude in recent months, via a trading unit of Russian oil giant Rosneft.

According to company and industry data and sources cited by Reuters, India was the top destination of Venezuela’s oil in January 2020, taking 38.5 percent of the Latin American country’s oil exports.  

The U.S., however, slapped sanctions on Rosnef’s Geneva-based trading unit, saying that the company Rosneft Trading has been helping Maduro’s regime to evade sanctions and to continue selling oil to keep the regime alive.

Reliance Industries and Nayara Energy, both of which have financial exposure to the U.S. banking and financial systems, have vowed full compliance with the sanctions, to avoid running afoul of the U.S. Administration and become targets of secondary sanctions themselves.

Reliance hasn’t ordered any Venezuelan cargoes for April, while Nayara Energy will stop processing Venezuelan crude after getting its contracted volumes in March, Reuters’ sources said.

Firms have until May 20 to wind down business with the Rosneft trading unit, and India looks intent to comply with all sanctions guidance.

Cutting off Venezuelan exports to what was its biggest market in January would further complicate Maduro’s oil exporting business.

The U.S. Administration is now looking to further increase the pressure on Venezuela’s oil industry and exports.

“The President has made a decision to push harder on the Venezuelan oil sector and we’re going to do it. And what we’re telling people involved in this sector is that they should get out of it,” Elliott Abrams, U.S. Special Representative for Venezuela, told Reuters in an interview on Monday.   

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News