RIL caps Venezuelan oil purchase as US mounts pressure to oust Maduro

Reliance Industries Ltd., Venezuela’s top customer in India, has capped oil purchases from the Latin American country and halted selling diluent following U.S. pressure to cripple President Nicolas Maduro’s government.

“Our U.S. subsidiary has completely stopped all business with Venezuela’s state-owned oil company, PDVSA, and its global parent has not increased crude purchases," a Reliance spokesman said in an emailed statement. “In addition, since sanctions were imposed and contrary to some news reports, Reliance has halted all supply of diluent to PDVSA and will not resume such sales until sanctions are lifted."

Reliance is India’s biggest private refiner, with a capacity of 1.36 million barrels a day. It imported about 270,000 barrels a day, or roughly 80 percent of India’s total oil imports from Venezuela in 2018, according to data compiled by Bloomberg.

https://www.business-standard.com/article/companies/ril-caps-venezuelan-oil-purchase-as-us-mounts-pressure-to-oust-maduro-119031400125_1.html