{"id":47540,"date":"2026-02-09T11:35:08","date_gmt":"2026-02-09T11:35:08","guid":{"rendered":"https:\/\/quickassetsmarket.com\/index.php\/2026\/02\/09\/indian-refiners-buy-2m-barrels-of-venezuelan-merey-crude-report\/"},"modified":"2026-02-09T11:35:08","modified_gmt":"2026-02-09T11:35:08","slug":"indian-refiners-buy-2m-barrels-of-venezuelan-merey-crude-report","status":"publish","type":"post","link":"https:\/\/quickassetsmarket.com\/index.php\/2026\/02\/09\/indian-refiners-buy-2m-barrels-of-venezuelan-merey-crude-report\/","title":{"rendered":"Indian refiners buy 2M barrels of Venezuelan Merey crude: report"},"content":{"rendered":"
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Indian state refiners Indian Oil Corp and Hindustan Petroleum Corp have purchased a combined 2 million barrels of Merey crude from Venezuela, with delivery scheduled for the second half of April, according to a Reuters report<\/a>. <\/p>\n

A Very Large Crude Carrier (VLCC) will transport the crude oil, which is being sold by Trafigura, according to sources quoted in the report. <\/p>\n

The shipment is slated to arrive on India’s east coast, with Indian Oil Corporation (IOC) receiving approximately 1.5 million barrels and Hindustan Petroleum Corporation Limited (HPCL) receiving about 500,000 barrels.<\/p>\n

Diversifying away from Russian oil<\/h2>\n

Indian refiners are actively diversifying their crude oil imports, a strategic move aimed at reducing their reliance on Russian supply. <\/p>\n

This shift is primarily driven by New Delhi’s efforts to facilitate a trade agreement with Washington. <\/p>\n

By avoiding Russian oil, which had become a significant, low-cost source, Indian state-owned and private refiners are signalling their commitment to strengthening commercial ties with the United States and aligning with broader geopolitical objectives. <\/p>\n

This diversification strategy involves securing supplies from various alternative global sources, ensuring energy security while supporting the broader diplomatic push for a favorable trade deal.<\/p>\n

HPCL has made its first purchase of Venezuelan oil in two years. This follows a previous purchase of Venezuelan oil in 2024 by the country’s leading refiner, IOC, according to the report.<\/p>\n

HPCL is actively pursuing Venezuelan heavy crude oil for its upgraded 300,000-barrels-per-day refinery in Visakhapatnam, Andhra Pradesh. <\/p>\n

This move, announced in January, capitalises on the refinery’s recent ability to process heavier crude grades. <\/p>\n

Market activity<\/h2>\n

Historically, another major Indian refiner, IOC, has experience processing Venezuela’s Merey crude, specifically at its Paradip refinery in Odisha. <\/p>\n

This indicated a growing interest and established capacity within India’s refining sector to handle Venezuelan heavy oil, likely in an effort to diversify sourcing and optimise operations based on the new processing capabilities.<\/p>\n

Merey’s price is benchmarked against the Dubai standard and, according to a trade source, is comparable to the rates at which Reliance Industries acquired Venezuelan oil from the trader Vitol. <\/p>\n

Reliance Industries bought about 2 million barrels of Venezuelan crude last week, according to a Bloomberg report.<\/p>\n

Reliance\u2019s acquisition is the first instance of India purchasing Venezuelan oil since the US assumed control over Venezuela’s oil sales at the beginning of last month.<\/p>\n

Reliance Industries’ last purchase of crude oil from Venezuela occurred in mid-2025, facilitated by a specific US Administration waiver that had been in effect since mid-2024. <\/p>\n

The company stated last month that it would contemplate resuming purchases of Venezuelan crude, provided sales are authorised for non-US entities.<\/p>\n

Trade deal framework<\/h2>\n

Prior to US sanctions targeting Russia’s major producers, Rosneft and Lukoil, Reliance Industries was the largest purchaser of Russian crude oil. <\/p>\n

Reliance, an Indian refiner, had a long-term agreement with Rosneft and was importing over 500,000 barrels per day until it ceased all Rosneft purchases following the imposition of sanctions.<\/p>\n

In a related development, Mangalore Refinery and Petrochemicals Limited (MRPL), an Indian state-run company, is also considering the potential acquisition of Venezuelan crude after discontinuing its imports of Russian oil.<\/p>\n

Vitol and Trafigura, two of the world’s leading independent traders, are now marketing Venezuelan crude to buyers in India and China. <\/p>\n

These firms, recently enlisted by the US to help sell Venezuela’s oil, are offering the crude for delivery in March and April.<\/p>\n

US Gulf Coast oil refiners are facing difficulties processing a quick surge in Venezuelan shipments, resulting in some cargo remaining unsold, according to information from traders and shipping data.<\/p>\n

Meanwhile, the US and India have established a framework for a trade deal, signaling progress toward an agreement that is expected to be finalized by March. <\/p>\n

This pact aims to reduce tariffs and enhance economic collaboration between the two nations.<\/p>\n

The post Indian refiners buy 2M barrels of Venezuelan Merey crude: report<\/a> appeared first on Invezz<\/a><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Indian state refiners Indian Oil Corp and Hindustan Petroleum Corp have purchased a combined 2 million barrels of Merey crude from Venezuela, with delivery scheduled for the second half of April, according to a Reuters report.  A Very Large Crude Carrier (VLCC) will transport the crude oil, which is being sold by Trafigura, according to <\/p>\n","protected":false},"author":1,"featured_media":47541,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-47540","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"_links":{"self":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts\/47540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/comments?post=47540"}],"version-history":[{"count":0,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts\/47540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/media\/47541"}],"wp:attachment":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/media?parent=47540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/categories?post=47540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/tags?post=47540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}