Reliance Industries recently bought about 2 million barrels of Venezuelan oil after nearly a year without such imports. The cargo comes at a smaller discount than Russian oil, meaning India is knowingly paying more per barrel than it has been used to since the Ukraine war reshaped global energy
India’s crude oil sourcing strategy became a public talking point after statements indicating a possible shift towards Venezuelan oil. Almost immediately, a research note from the State Bank of India argued that such a move could save India nearly $3 billion annually. Given the size of India’s oil import bill and the political sensitivity of […]















