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India's Reliance Caps Venezuelan Oil Buying on U.S. Pressure

  • Supply of diluents to Venezuela were halted amid sanctions
  • Reliance takes 3 supertankers of oil in March, down by half
Oil Rises as Saudis, Venezuela Seen Carving Deeper Into Supplies

Photographer: Simon Dawson/Bloomberg

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."