India resumes oil imports from Venezuela, IOC and HPCL buy 2 million barrels
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Indian state-owned refiners Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL) have jointly purchased 2 million barrels of Venezuelan crude oil, marking a fresh phase in India’s resumption of imports from Venezuela.
The deal, sourced through trading firm Trafigura, is for delivery in the second half of April and follows recent shifts in global oil markets and sanctions regimes.
Under the agreement, IOC will receive about 1.5 million barrels at its Paradip refinery in Odisha, while HPCL will take around 500,000 barrels at its Visakhapatnam facility in Andhra Pradesh, according to trade sources.
This is the second such purchase by Indian refiners since Venezuelan oil began flowing again into international markets after a period of disruption caused by earlier sanctions.
The move follows US President Donald Trump’s recent announcement that India could resume Venezuelan oil purchases as part of broader energy and trade discussions with Washington, aimed at diversifying India’s import sources. India had stopped buying Venezuelan crude after US sanctions were reimposed but later resumed imports in 2023-24 before halting again due to renewed restrictions.
In recent days, Indian officials have reiterated that Venezuela has long been a partner in energy trade and that India remains open to exploring crude options based on commercial viability.
HPCL’s purchase of Venezuelan crude marks its first in this market and comes as the refiner expands its capacity to process heavy oil grades. IOC has experience processing Venezuelan crude at Paradip.
The renewed imports reflect India’s strategy to diversify energy supplies and balance its crude portfolio amid evolving geopolitical conditions and efforts to manage reliance on any single source.