India's Reliance to stop buying Venezuelan oil over US tariffs, sources say
NEW DELHI, March 26 (Reuters) - India's Reliance Industries (RELI.NS), opens new tab, operator of the world's biggest refining complex, will halt Venezuelan oil imports after the United States announced a 25% tariff on nations buying crude from the South American nation, three sources said on Wednesday.
The Indian conglomerate, which last year obtained approval from U.S. authorities to purchase oil from the sanctioned producer, imports an average of 2 million barrels of Venezuelan crude every month, according to LSEG data.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
It is scheduled to receive a Venezuelan cargo in early April, LSEG trade flows data showed.
U.S. President Donald Trump's executive order says that higher tariffs may be imposed on or after April 2 on all goods imported from any country that buys Venezuelan oil.
The three industry sources with knowledge of Reliance's purchasing plans said the company would stop buying Venezuelan crude due to the tariff threat.
It was not immediately clear, however, if it would still take delivery of the April cargo, added one of the sources, all of whom declined to be identified as they were not authorised to speak to media.
Reliance did not respond to a Reuters request for comment.
Loading of Venezuelan heavy crude at the country's main oil ports has already slowed this week following the tariff announcement.
Reliance's two refineries in western Gujarat state can process about 1.4 million barrels per day of crude oil.
The complexity of those plants allows it to process cheaper and heavier crudes such as Merey from Venezuela.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
North Wales Chronicle
22 minutes ago
- North Wales Chronicle
Zelensky warns oil price surge could help Russia's war effort in Ukraine
The Ukrainian president told journalists in Kyiv that the surge in oil prices threatens Ukraine's position on the battlefield, especially because western allies have not enforced effective price caps on Russian oil exports. 'The strikes led to a sharp increase in the price of oil, which is negative for us,' Mr Zelensky said. 'The Russians are getting stronger due to greater income from oil exports.' Global oil prices rose as much as 7% after Israel and Iran exchanged attacks over the past 48 hours, raising concerns that further escalation could disrupt oil exports from the Middle East. Mr Zelensky said he planned to raise the issue in a conversation with US President Donald Trump. 'In the near future, I will be in contact with the American side, I think with the president, and we will raise this issue,' he said. He also expressed concern that US military aid could be diverted away from Ukraine towards Israel during renewed tensions in the Middle East. 'We would like aid to Ukraine not to decrease because of this,' he said. 'Last time, this was a factor that slowed down aid to Ukraine.' Ukraine's military needs have been sidelined by the US in favour of supporting Israel, Mr Zelensky said, citing a shipment of 20,000 interceptor missiles, designed to counter Iran-made Shahed drones, which had been intended for Ukraine but were redirected to Israel. 'And for us it was a blow,' he said. 'When you face 300 to 400 drones a day, most are shot down or go off course, but some get through. We were counting on those missiles.' An air defence system, Barak-8, promised to Ukraine by Israeli President Benjamin Netanyahu was sent to the US for repairs but never delivered to Ukraine, he added. The Ukrainian president conceded that momentum for the Coalition of the Willing, a group of 31 countries which have pledged to strengthen support for Ukraine against Russian aggression, has slowed because of US ambivalence over providing a backstop. 'This situation has shown that Europe has not yet decided for itself that it will be with Ukraine completely if America is not there,' he said. The offer of a foreign troop 'reassurance force' pledged by the coalition is still on the table 'but they need a backstop, as they say, from America' Mr Zelensky said. 'This means that suddenly, if something happens, America will be with them and with Ukraine.' The Ukrainian president also said the presence of foreign contingents in Ukraine would act as a security guarantee and allow Kyiv to make territorial compromises, which is the first time he has articulated a link between the reassurance force and concessions Kyiv is willing to make in negotiations with Russia. 'It is simply that their presence gives us the opportunity to compromise, when we can say that today our state does not have the strength to take our territories within the borders of 1991,' he said. But Europe and Ukraine are still waiting on strong signals from Mr Trump. Without major US sanctions against Russia, 'I will tell you frankly, it will be very difficult for us', Mr Zelensky said, adding that it would then fall on Europe to step up military aid to Ukraine. In other developments, Russia repatriated more bodies of fallen soldiers in line with an agreement reached during peace talks in Istanbul between Russian and Ukrainian delegations, Russian officials said on Saturday, cited by Russian state media. The officials said Ukraine did not return any bodies to Russia on Saturday. Ukraine's Co-ordination Headquarters for the Treatment of Prisoners of War confirmed in a statement that Russia had returned 1,200 bodies. Ukraine and Russia also exchanged another group of ill and severely wounded servicemen on Saturday, officials from both countries said, although they did not report the numbers. Mr Zelensky said in a post on X that the Ukrainian servicemen who returned were members of the Armed Forces, the National Guard, the State Border Guard Service and the State Transport Special Service. The first round of the staggered exchanges took place on Monday. The agreement to exchange prisoners of war and the bodies of soldiers was the only tangible outcome of the talks in Istanbul on June 2. Continuing a renewed battlefield push along eastern and north-eastern parts of the 600-mile front line, the Russian Defence Ministry claimed on Saturday that its troops had captured another village in the Donetsk region, Zelenyi Kut. Russia launched 58 drones and decoys at Ukraine overnight into Saturday, according to the Ukrainian air force, which said its air defences destroyed 23 drones while another 20 were jammed. Russia's Defence Ministry said it shot down 66 Ukrainian drones overnight.
Belfast Telegraph
35 minutes ago
- Belfast Telegraph
Zelensky warns oil price surge could help Russia's war effort in Ukraine
The Ukrainian president told journalists in Kyiv that the surge in oil prices threatens Ukraine's position on the battlefield, especially because western allies have not enforced effective price caps on Russian oil exports. 'The strikes led to a sharp increase in the price of oil, which is negative for us,' Mr Zelensky said. 'The Russians are getting stronger due to greater income from oil exports.' Global oil prices rose as much as 7% after Israel and Iran exchanged attacks over the past 48 hours, raising concerns that further escalation could disrupt oil exports from the Middle East. Mr Zelensky said he planned to raise the issue in a conversation with US President Donald Trump. 'In the near future, I will be in contact with the American side, I think with the president, and we will raise this issue,' he said. He also expressed concern that US military aid could be diverted away from Ukraine towards Israel during renewed tensions in the Middle East. 'We would like aid to Ukraine not to decrease because of this,' he said. 'Last time, this was a factor that slowed down aid to Ukraine.' Ukraine's military needs have been sidelined by the US in favour of supporting Israel, Mr Zelensky said, citing a shipment of 20,000 interceptor missiles, designed to counter Iran-made Shahed drones, which had been intended for Ukraine but were redirected to Israel. 'And for us it was a blow,' he said. 'When you face 300 to 400 drones a day, most are shot down or go off course, but some get through. We were counting on those missiles.' An air defence system, Barak-8, promised to Ukraine by Israeli President Benjamin Netanyahu was sent to the US for repairs but never delivered to Ukraine, he added. The Ukrainian president conceded that momentum for the Coalition of the Willing, a group of 31 countries which have pledged to strengthen support for Ukraine against Russian aggression, has slowed because of US ambivalence over providing a backstop. 'This situation has shown that Europe has not yet decided for itself that it will be with Ukraine completely if America is not there,' he said. The offer of a foreign troop 'reassurance force' pledged by the coalition is still on the table 'but they need a backstop, as they say, from America' Mr Zelensky said. 'This means that suddenly, if something happens, America will be with them and with Ukraine.' The Ukrainian president also said the presence of foreign contingents in Ukraine would act as a security guarantee and allow Kyiv to make territorial compromises, which is the first time he has articulated a link between the reassurance force and concessions Kyiv is willing to make in negotiations with Russia. 'It is simply that their presence gives us the opportunity to compromise, when we can say that today our state does not have the strength to take our territories within the borders of 1991,' he said. But Europe and Ukraine are still waiting on strong signals from Mr Trump. Without major US sanctions against Russia, 'I will tell you frankly, it will be very difficult for us', Mr Zelensky said, adding that it would then fall on Europe to step up military aid to Ukraine. In other developments, Russia repatriated more bodies of fallen soldiers in line with an agreement reached during peace talks in Istanbul between Russian and Ukrainian delegations, Russian officials said on Saturday, cited by Russian state media. The officials said Ukraine did not return any bodies to Russia on Saturday. Ukraine's Co-ordination Headquarters for the Treatment of Prisoners of War confirmed in a statement that Russia had returned 1,200 bodies. Ukraine and Russia also exchanged another group of ill and severely wounded servicemen on Saturday, officials from both countries said, although they did not report the numbers. Mr Zelensky said in a post on X that the Ukrainian servicemen who returned were members of the Armed Forces, the National Guard, the State Border Guard Service and the State Transport Special Service. The first round of the staggered exchanges took place on Monday. The agreement to exchange prisoners of war and the bodies of soldiers was the only tangible outcome of the talks in Istanbul on June 2. Continuing a renewed battlefield push along eastern and north-eastern parts of the 600-mile front line, the Russian Defence Ministry claimed on Saturday that its troops had captured another village in the Donetsk region, Zelenyi Kut. Russia launched 58 drones and decoys at Ukraine overnight into Saturday, according to the Ukrainian air force, which said its air defences destroyed 23 drones while another 20 were jammed. Russia's Defence Ministry said it shot down 66 Ukrainian drones overnight.
Rhyl Journal
43 minutes ago
- Rhyl Journal
Zelensky warns oil price surge could help Russia's war effort in Ukraine
The Ukrainian president told journalists in Kyiv that the surge in oil prices threatens Ukraine's position on the battlefield, especially because western allies have not enforced effective price caps on Russian oil exports. 'The strikes led to a sharp increase in the price of oil, which is negative for us,' Mr Zelensky said. 'The Russians are getting stronger due to greater income from oil exports.' Global oil prices rose as much as 7% after Israel and Iran exchanged attacks over the past 48 hours, raising concerns that further escalation could disrupt oil exports from the Middle East. Mr Zelensky said he planned to raise the issue in a conversation with US President Donald Trump. 'In the near future, I will be in contact with the American side, I think with the president, and we will raise this issue,' he said. He also expressed concern that US military aid could be diverted away from Ukraine towards Israel during renewed tensions in the Middle East. 'We would like aid to Ukraine not to decrease because of this,' he said. 'Last time, this was a factor that slowed down aid to Ukraine.' Ukraine's military needs have been sidelined by the US in favour of supporting Israel, Mr Zelensky said, citing a shipment of 20,000 interceptor missiles, designed to counter Iran-made Shahed drones, which had been intended for Ukraine but were redirected to Israel. 'And for us it was a blow,' he said. 'When you face 300 to 400 drones a day, most are shot down or go off course, but some get through. We were counting on those missiles.' An air defence system, Barak-8, promised to Ukraine by Israeli President Benjamin Netanyahu was sent to the US for repairs but never delivered to Ukraine, he added. The Ukrainian president conceded that momentum for the Coalition of the Willing, a group of 31 countries which have pledged to strengthen support for Ukraine against Russian aggression, has slowed because of US ambivalence over providing a backstop. 'This situation has shown that Europe has not yet decided for itself that it will be with Ukraine completely if America is not there,' he said. The offer of a foreign troop 'reassurance force' pledged by the coalition is still on the table 'but they need a backstop, as they say, from America' Mr Zelensky said. 'This means that suddenly, if something happens, America will be with them and with Ukraine.' The Ukrainian president also said the presence of foreign contingents in Ukraine would act as a security guarantee and allow Kyiv to make territorial compromises, which is the first time he has articulated a link between the reassurance force and concessions Kyiv is willing to make in negotiations with Russia. 'It is simply that their presence gives us the opportunity to compromise, when we can say that today our state does not have the strength to take our territories within the borders of 1991,' he said. But Europe and Ukraine are still waiting on strong signals from Mr Trump. Without major US sanctions against Russia, 'I will tell you frankly, it will be very difficult for us', Mr Zelensky said, adding that it would then fall on Europe to step up military aid to Ukraine. In other developments, Russia repatriated more bodies of fallen soldiers in line with an agreement reached during peace talks in Istanbul between Russian and Ukrainian delegations, Russian officials said on Saturday, cited by Russian state media. The officials said Ukraine did not return any bodies to Russia on Saturday. Ukraine's Co-ordination Headquarters for the Treatment of Prisoners of War confirmed in a statement that Russia had returned 1,200 bodies. The first round of the staggered exchanges took place on Monday. The agreement to exchange prisoners of war and the bodies of soldiers was the only tangible outcome of the talks in Istanbul on June 2. Continuing a renewed battlefield push along eastern and north-eastern parts of the 600-mile front line, the Russian Defence Ministry claimed on Saturday that its troops had captured another village in the Donetsk region, Zelenyi Kut. Russia launched 58 drones and decoys at Ukraine overnight into Saturday, according to the Ukrainian air force, which said its air defences destroyed 23 drones while another 20 were jammed. Russia's Defence Ministry said it shot down 66 Ukrainian drones overnight.
