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Cheaper Venezuelan crude may return to India from Feb
Mint Mumbai
|January 23, 2024
Cheaper Venezuelan crude oil may start flowing to India from next month-a gap of three years-as domestic refiners move away from Russia to cheaper energy imports after sanctions-hit Moscow drastically reduced discounts to around $2 per barrel, three people aware of the development said.
In contrast, Venezuelan crude can be bought with effective discounts of around $8-10 per barrel after the US eased sanctions against the country mid-October, they said, requesting anonymity.
Discounts are generally with reference to the benchmark Brent crude, which fell about 1% to $78.56 a barrel on Friday. The downward trend continued on Monday as Brent fell by 0.22% at $78.39 in morning trade.
This story is from the January 23, 2024 edition of Mint Mumbai.
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