India’s crude-buying strategy appears to be shifting once more, with two major refiners making notable purchases of Venezuelan oil amid broader adjustments in global energy flows and geopolitical pressures. State-runBharat Petroleum Corp Ltd (BPCL)has made its first-ever acquisition of Venezuelan crude, purchasing one million barrels of heavy Merey grade, whileHPCL Mittal Energy Ltd (HMEL), a joint venture between Hindustan Petroleum Corp and Lakshmi Niwas Mittal, has returned to buying Venezuelan oil for the first time in two years, also securing one million barrels. Both cargoes were bought through global trader Vitol and are expected to be co-loaded on a very large crude carrier to optimize freight costs.
Together, these purchases are projected to lift India’s Venezuelan crude imports to at least six million barrels through April. The renewed interest in Venezuelan crude comes as Indian refiners adjust their supply mix and cut back on Russian oil shipments — a pivot that coincides with India’s efforts to finalize an interim trade deal with Washington. Although New Delhi has not formally announced an end to Russian oil imports, refiners have been avoiding fresh Russian cargoes in recent months, with HMEL suspending such imports since October. The cargoes will be routed to BPCL’s Kochi and Bina refineries and HMEL’s Bathinda refinery via Indian ports, reinforcing the country’s bid to diversify energy sources while balancing commercial and diplomatic considerations.
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