Indian state refiners buy 2 million barrels of Venezuelan oil to replace Russian supplies
Indian Oil and HPCL purchased 2 million barrels of Venezuelan crude from Trafigura for April delivery. The move helps diversify imports away from Russian oil.
Insights:
Indian Oil Corporation Limited and Hindustan Petroleum Corporation Limited have finalized a deal to purchase 2 million barrels of Merey crude from Venezuela 
VE through the commodity trader Trafigura. The transaction, which is scheduled for delivery in the second half of April, represents a sizable diversion of crude sourcing for India 
IN as the nation’s refiners look for viable alternatives to oil from Russia 
RU.
VE through the commodity trader Trafigura. The transaction, which is scheduled for delivery in the second half of April, represents a sizable diversion of crude sourcing for India IN as the nation’s refiners look for viable alternatives to oil from Russia RU.
