Venezuelan crude flows to public sector refiners via third parties

Venezuela was the 9th largest source of crude for India in Q1 FY25

While public sector refiners await a sanction waiver from the United States to purchase crude from Venezuela, they have already begun engaging in “second-order transactions” to source it from companies that already hold the waiver, according to sources at the Ministry of Petroleum and Natural Gas.

India has refrained from directly purchasing crude oil from a sanctioned country, but it is permitted to acquire cargoes from a third party.

In July, media reports said Reliance Industries Limited (RIL) has secured an official clearance from the US authorities to import oil from the South American country.

However, sources said the company