Threat of Venezuela Sanctions Has Reliance Buying Canadian Crude
- Reliance secures 12 million barrels of Canadian supplies
- Venezuela was third-largest supplier of crude to Asian refiner
An idled oil pumping unit on the coast of Lake Maracaibo, Venezuela.
Photographer: Ana Maria Otero Borjas/BloombergThis article is for subscribers only.
Venezuela’s dwindling oil exports were dealt another blow as one of India’s top refiners secured millions of barrels of Canadian crude on concern that the U.S. is poised to step up sanctions against Caracas.
Reliance Industries Ltd, owner of the world’s largest refining complex, signed a deal to purchase 2 million barrels of heavy Canadian oil a month for the next six months, according to people familiar with the situation, who spoke on condition of anonymity. Venezuela has been the third-largest supplier of crude to Reliance so far this year, according to data compiled by Bloomberg.