Overview
- Reliance has taken about 2 million barrels from Vitol for April delivery, according to reports citing unnamed sources, and the company did not comment.
- Pricing was reported around $6.5–$7 per barrel below ICE Brent for April arrival, with offers to Asia indicated in a $5–$8 discount range.
- Vitol and Trafigura received U.S. licences to market Venezuelan oil and have been offering March and April cargoes to buyers in India and China.
- India’s foreign ministry said purchases from Venezuela will depend on commercial viability, emphasizing energy security considerations.
- The development follows U.S. steps enabling third‑party sales of Venezuelan crude and coincides with tariff‑cut talks that Washington linked to reduced Russian oil imports.