Latest news with #Merey
Zawya
26-03-2025
- Business
- Zawya
India's Reliance to stop buying Venezuelan oil over US tariffs, sources say
India's Reliance Industries, 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. 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.
Yahoo
26-03-2025
- Business
- Yahoo
India's Reliance to stop buying Venezuelan oil over US tariffs, sources say
NEW DELHI (Reuters) - India's Reliance Industries, 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. 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. Sign in to access your portfolio
Reuters
26-03-2025
- Business
- Reuters
India's Reliance to stop buying Venezuelan oil over US tariffs, sources say
NEW DELHI, March 26 (Reuters) - India's Reliance Industries ( 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.
Reuters
11-02-2025
- Business
- Reuters
US Gulf refiners paying premium prices for Trinidad's Molo crude
PORT OF SPAIN, Feb 11 (Reuters) - Some U.S. Gulf Coast refiners have recently paid prices over the Brent crude benchmark for Trinidad and Tobago's Molo heavy sour crude, the CEO of the country's state-owned oil company, Heritage Petroleum, said on Tuesday. Lower availability of several popular Latin American heavy crude grades since last year, including regional benchmark Maya from Mexico and Merey from Venezuela, coupled with prolonged output cuts by OPEC+ members, has driven some U.S. refining firms to pay more to secure other grades. Trinidad and Tobago is a marginal crude supplier to the Gulf Coast, but exports have ramped up in recent months. Last year, the U.S. imported some 44,000 barrels per day of Trinidadian crude versus 36,000 bpd in 2023, according to data from the Energy Information Administration. "We trade sometimes at a slight premium to Brent as the mix of crude we have is in fairly high demand, especially in the Gulf Coast of the U.S.," Heritage CEO Erik Keskula told Reuters on the sidelines of Trinidad's Energy Conference. Heritage will continue marketing cargoes to several U.S. Gulf Coast refineries to promote competition, leading to firm prices in that region, Keskula said.
