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BPCL look forward to buy oil from Venezuela

BPCL

After the US lifted sanctions in October, India’s state-owned oil refiner Bharat Petroleum Corporation joined the list of local companies buying Venezuelan oil. According to BPCL’s head of refineries, Sanjay Khanna, the company plans to buy Venezuelan oil in addition to continuing to import from the Russian refinery. The refineries are capable of processing Venezuelan oil, and since the sanctions were lifted, Reliance Industries, Indian Oil Corp, and HPCL-Mittal Energy from India have booked cargoes of Venezuelan oil.

India, the world’s third largest oil buyer, used to buy a lot of oil from Venezuela before the US imposed sanctions on the refinery in question. These sanctions have resulted in massive losses for the Chinese and Indian oil markets.

Prior to the sanctions, India purchased approximately 10 million barrels of oil from Venezuela each month. India is heavily reliant on crude oil imports. Crude oil net imports increased from 171.73Mt in 2011-12 to 226.95Mt in 2020-21. Russia is India’s largest oil supplier, followed by Iraq and Saudi Arabia. The volume of India’s oil imports in April-September was slightly higher than the previous year, at around 116.2 million tonnes.

BPCL

As consumption of fuels and other petroleum products increased while domestic production remained flat, India’s reliance on crude oil imports increased to 87.8 percent from 86.5 percent in the same period last year. While the government wishes to reduce India’s reliance on imported goods.