New Delhi, Oct. 7 -- Reliance Industries is likely to emerge as a key destination for a sharp increase in Venezuelan crude supplies to India, with the country's imports of the South American oil expected to reach their highest level in nearly seven years this month as refiners seek discounted barrels amid rising Russian crude prices.
Venezuelan crude deliveries to India are projected to more than double to around 465,000 barrels per day in October from 196,000 barrels per day in September, according to Kpler estimates. If scheduled shipments arrive as planned, the volume would be the highest since December 2019.
All Venezuelan cargoes headed for India list Sikka as their destination, the port serving Reliance Industries' Jamnagar refinery complex, the world's largest refining facility. Actual imports could vary, with at least two tankers scheduled to arrive on India's western coast on October 31, according to ship-tracking data.
India resumed Venezuelan oil purchases in February after an almost year-long gap, following the easing of US sanctions that helped revive supplies.
Published by HT Digital Content Services with permission from Millennium Post.