3 months ago
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Reliance Industries has bought 2 million barrels of Venezuelan lipid from trader Vitol, commercialized sources said connected Thursday (February 4, 2026), the archetypal acquisition by the institution from the South American federation successful nearly a year.
Trading houses Vitol and Trafigura were granted U.S. licenses to marketplace and sell millions of barrels of Venezuelan lipid pursuing the U.S. subject cognition last period to seizure President Nicolas Maduro, and a consequent proviso statement with interim President Delcy Rodriguez.
Reliance, which operates the world’s biggest refining complex, has bought Venezuelan crude for April transportation astatine a discount of astir $6.5-$7 per tube to ICE Brent, the trade sources said.
Reliance did not respond to a Reuters email seeking comment. Vitol said successful an email that it had nary remark to offer.
