• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 31 mins Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 24 mins Ecoside
  • 17 hours Oil at $40
  • 1 day Welcome To The Club: Apple In Talks With Potential Suppliers Of Sensors For Self-Driving Cars
  • 2 hours Not Just Nuke: Cheap Solar Panels Power Consumer Appliance Boom In North Korea
  • 3 hours Japan’s Deflation Mindset Could Be Contagious
  • 1 hour Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire
  • 1 day Guaido and the Conoco Award
  • 6 hours The Number Increases: Swiss To Support Belt And Road Push During President's China Trip
  • 1 day Trump Torpedos Oil Pipeline Haters
  • 18 hours Is Canada hosed?
  • 1 day Opening up the waters off the coast of Florida to oil and gas drilling
  • 1 day Negative Gas Prices in the Permian
Investors Return To Plowing Money Into Commodities

Investors Return To Plowing Money Into Commodities

Commodities are trending once again…

Reliance To Skirt Sanctions By Selling PDVSA European, Indian Naphtha

Reliance

Reliance Industries has started selling oil products including the popular diluent naphtha to PDVSA from its Indian and European subsidiaries after it suspended oil product sales to the troubled Venezuelan company from its U.S. subsidiary to avoid getting punished for sanction violations.

Reuters reports, citing shipping data, that India’s largest oil refiner had sent at least three tankers with oil products to Venezuela in the last few weeks and has scheduled another one to carry a load of gasoil.

The news comes on the heels of another report from Reuters that quoted Azerbaijan’s energy ministry with a statement saying that Venezuela had stopped exporting crude to India, a key market along with China and Russia.

“Russia and China are seen as the main destinations because of the suspension of oil exports to India,”  the statement said, adding “[Venezuela Oil Minister] Quevedo said in order to prevent a sharp reduction, various measures are being implemented and diversification of the export market is underway.”

The U.S. sanctions on Venezuela’s oil at the end of January essentially cut off Venezuelan exports to the United States. Washington has also warned other countries against buying oil from Nicolas Maduro’s regime and has been pressing India to refrain from buying Venezuelan crude.

The U.S. cannot force other economies to completely stop buying Venezuelan crude under its sanctions, but this could happen if Washington imposes so-called secondary sanctions that would target companies based outside the United States.

Reuters reports Venezuela has been importing fuel and diluents at a daily rate of 160,000 bpd since the latest round of U.S. sanctions came into effect. It needs the diluents to make its extra-heavy oil liquid enough to be loaded on tankers. According to Reuters shipping data, there is a tanker at the Venezuelan Jose port right now about to start its journey to India despite Quevedo’s declaration of export suspension.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News