Bharat’s Petroleum Minister, Hardeep Singh Puri, announced on Friday that Bharat is planning to buy oil from Venezuela. He mentioned that Bharatiye refineries, including one in Paradip, are equipped to process the heavy oil from Venezuela. Puri stated that Bharat is open to resuming oil imports with any country that is not under sanctions. This decision follows the US easing sanctions on Venezuela’s oil sector in October.
Puri explained that Bharat, being a major consumer of oil, is currently using around 5 million barrels per day, and this demand is increasing. With the easing of sanctions on Venezuela, Bharat is willing to welcome Venezuelan oil into the market. Notably, Bharat last imported crude oil from Venezuela in 2020 when the US imposed secondary sanctions on the nation.
Bharat, as the world’s third-largest oil importer and consumer, is actively working to reshape its energy landscape. With over 80% of its oil needs met through overseas imports, Bharat aims to reduce its crude import bill and enhance its refining capabilities. As part of this strategy, Bharat is exploring diverse sources, and Venezuela has emerged as a potential partner.
Venezuela, with a rich history in the global oil industry since 1914, possesses significant oil reserves amounting to 299,953,000,000 barrels as of 2016. This represents about 18.2% of the global total. Bharat sees Venezuela as a valuable opportunity to diversify its oil sources and strengthen its refining capabilities. The collaboration and partnerships between Bharat and Venezuela are part of India’s strategic journey in the energy sector.
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