Indian Billionaire Ambani's Reliance Becomes Top Venezuelan Oil Buyer Outside U.S.
Reliance Industries, owned by Indian billionaire Mukesh Ambani and a firm investing in a U.S. oil refinery project proposed by Donald Trump, has emerged as the largest buyer of Venezuelan crude outside the U.S. According to Kpler data, India is the biggest destination for Venezuelan oil outside the U.S., with Reliance purchasing the bulk of it. In September, India imported 257,000 barrels per day of Venezuelan crude, with 76% going to Reliance Industries. The company's Jamnagar refinery is particularly well-suited for processing Venezuela's heavy crude grades. This comes as India's procurement of Russian oil has drawn U.S. criticism, though the Indian government prioritizes energy security. For October, 350,000 barrels per day of Venezuelan crude are bound for India.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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