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flag Venezuela resumes oil exports via large tankers to India, boosting shipments since U.S. sanctions eased.

flag In an effort to increase shipments to India and ease storage pressures in the Caribbean, Venezuela has started exporting oil using very large crude carriers (VLCCs) for the first time since a U.S.-Venezuela agreement in January. flag The action, made possible by a U.S. With a Treasury general license, larger ships can transport up to two million barrels each, which lowers costs and expedites delivery. flag Indian refiners like Reliance Industries and Indian Oil Corp. are significant purchasers, but U.S. Additionally, refiners like Phillips 66, Valero, and Chevron are increasing processing. flag Venezuela's oil exports, which had been restricted since 2019, are expected to rebound as a result of the change.

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