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Venezuela's declining crude exports squeeze India's refiners amid Iran woes

An expert said that while Saudi Arabia was expected to boost supply to India in the short term, those barrels would not match the quality of the missing Venezuelan crude


Venezuela's crude shipments to India, its third-largest export market, fell 21 per cent in the first half of the year, according to internal documents from state-run PDVSA, adding to supply troubles for Indian refiners as they are increasingly pressed to diversify oil imports.  Venezuela's production decline to a 30-year low and export woes stemming from mismanagement, lack of investment and payment delays are affecting almost all of the OPEC-nation's customers. But the impact on India is notable and comes as its refiners are now preparing for a "drastic ...

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First Published: Wed, July 04 2018. 07:53 IST