India's Reliance to stop buying Venezuelan oil over US tariffs, sources say

Reuters

Updated Wed, Mar 26, 2025, 5:30 AM 1 min read

NEW DELHI (Reuters) - India's Reliance Industries, relation of the world's biggest refining complex, volition halt Venezuelan lipid imports aft the United States announced a 25% tariff connected nations buying crude from the South American nation, 3 sources said connected Wednesday.

The Indian conglomerate, which past twelvemonth obtained support from U.S. authorities to acquisition lipid from the sanctioned producer, imports an mean of 2 cardinal barrels of Venezuelan crude each month, according to LSEG data.

It is scheduled to person a Venezuelan cargo successful aboriginal April, LSEG commercialized flows information showed.

U.S. President Donald Trump's enforcement bid says that higher tariffs whitethorn beryllium imposed connected oregon aft April 2 connected each goods imported from immoderate state that buys Venezuelan oil.

The 3 manufacture sources with cognition of Reliance's purchasing plans said the institution would halt buying Venezuelan crude owed to the tariff threat.

It was not instantly clear, however, if it would inactive instrumentality transportation of the April cargo, added 1 of the sources, each of whom declined to beryllium identified arsenic they were not authorised to talk to media.

Reliance did not respond to a Reuters petition for comment.

Loading of Venezuelan dense crude astatine the country's main lipid ports has already slowed this week pursuing the tariff announcement.

Reliance's 2 refineries successful occidental Gujarat authorities tin process astir 1.4 cardinal barrels per time of crude oil.

The complexity of those plants allows it to process cheaper and heavier crudes specified arsenic Merey from Venezuela.

(Reporting by Nidhi Verma; Editing by Joe Bavier)