Source: Reuters (via feed)
U.S. oil major Chevron has sold Venezuelan crude oil to India’s Reliance Industries for the first time since December 2023, according to ship tracking data and sources. The transaction marks the resumption of Venezuelan crude shipments from Chevron to Reliance.
The shipment was confirmed through vessel tracking data which showed the tanker carrying the crude heading towards India. Two industry sources also verified the sale but did not disclose further details. The trade follows a period of reduced Venezuelan crude exports amid geopolitical and market dynamics.
Chevron’s deal with Reliance reflects broader trends in the global oil market, where Indian refiners have increased purchases of Venezuelan crude in recent years. However, this is the first known cargo from Chevron to Reliance in approximately two months. The shipment indicates continued commercial ties between the two companies despite challenges in the Venezuelan oil sector.
This development comes as global oil supply chains remain complex due to sanctions, logistics, and pricing considerations. Meanwhile, Reliance continues to diversify its crude sourcing to meet its refining needs.
Chevron’s sale of Venezuelan crude to Reliance shows ongoing trade ties despite market challenges. It highlights the role of Indian refiners in global crude supply shifts.
