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India's HPCL and IOCL bought 2M barrels of Venezuelan crude via Trafigura, signaling a shift from Russian oil.
Indian Oil Corp and Hindustan Petroleum Corp have jointly bought 2 million barrels of Venezuelan Merey crude from Trafigura for April delivery, marking HPCL’s first purchase of the oil and part of India’s broader shift away from Russian crude.
The shipment, priced against the Dubai benchmark, will be delivered to refineries on India’s east coast.
The move follows U.S. authorization for traders like Trafigura and Vitol to export Venezuelan oil after a military operation targeting Venezuela’s leadership, enabling increased global supplies.
Indian refiners are diversifying imports amid ongoing trade talks with the U.S., though India has not confirmed halting Russian oil purchases.
La HPCL y la IOCL de la India compraron 2 millones de barriles de crudo venezolano a través de Trafigura, lo que indica un cambio del petróleo ruso.