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Crude calculations: How cheaper Venezuelan oil flows will help Indiawww.business-standard.com/economy/news/more-cheap-venezuelan-oil-heads-to-india-how-big-an-opportunity-is-this-124090800651_1.html
1025 sats \ 12 comments \ @Coinsreporter 9 Sep econ

Import of Venezuelan Crude despite US restrictions on crude sales?!

Sometime soon, perhaps on Tuesday or Wednesday, Degas, a very large crude carrier laden with Venezuelan oil, is expected to dock at Jamnagar to unload 2 million barrels of dirty, high sulphur crude oil, shipping data shows. With this, the cheapest crude available to India is again within reach, nearly five months after the United States reimposed restrictions on oil exports from the South American nation.
It's actually happened because, Biden administration has given some relaxation to a few companies to operate in Venezuela. Reliance, an Indian giant, has s got a licence from Washington to operate without having any production unit in Venezuela.

India - Venezuela Oil Imports 2024

The Savings

Venezuelan grades were, on an average, cheaper by $15-19 a barrel (bbl) this year compared to the Indian crude import basket, according to oil ministry and customs data. That translates into annual savings of $3 billion annually.
However, this might well be a short lived merriment in case Trump wins in November. Trump has been very vocal about imposing tougher sanctions on Venezuela as he views Maduro has definitely "rigged he elections to retain power". Yet, this is huge if Reliance gets its hands on 2 or 3 more such vessels to the Indian coasts.
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20 sats \ 1 reply \ @Akg10s33 9 Sep
I would like to say that it has become a long list of countries that are searching for oil, gas and all its derivatives, very economically, and obviously their destiny is Venezuela, that South American country where its dictator takes advantage of the great amount of resources of that beautiful country, and I say this with basis because I have visited it... To buy opinions!! To buy friendships and have influences and the protection of great powers like Russia and China to perpetuate themselves in power forever!! Now that India is taking advantage of this is not surprising... and I agree with what they say in the comments, that they should take advantage while it lasts... because if candidate Trump wins... that will end!!!
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0 sats \ 0 replies \ @Coinsreporter OP 10 Sep
I actually doubt that it would last. Trump needs India to remain competent against the likes of Russia, China and NK. There will be sanctions but there will be concession for India.
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20 sats \ 9 replies \ @Undisciplined 9 Sep
Enjoy it while it lasts. Trump is awful on trade and sanctions, even compared to the average US President.
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54 sats \ 8 replies \ @Coinsreporter OP 10 Sep
Trump can be awful but he can't put sanctions on evryone. Can he put sanctions on Russia, China and India? What he actually does is sanction USA.
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10 sats \ 7 replies \ @Undisciplined 10 Sep
That's true, but he might do it and it's a huge pain in the butt to have to evade those sanctions.
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65 sats \ 6 replies \ @Coinsreporter OP 10 Sep
Venezuela might feel pain in the butt but India won't. In fact in this purchase of Oil by India, USA gav ea special licence.
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10 sats \ 5 replies \ @Undisciplined 10 Sep
Right, but Trump could easily reverse that. One of the few good things Obama did was open up our relationship with Cuba and Trump reversed that immediately.
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79 sats \ 4 replies \ @Coinsreporter OP 10 Sep
Yes, Trump will show off everything he can buy he knows he'll require India to counter Russia-China alliance.
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20 sats \ 3 replies \ @Undisciplined 10 Sep
That's a good point. He loves making deals. My guess, though, is that he'll open up American drilling and try to hook you up that way.
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68 sats \ 2 replies \ @Coinsreporter OP 10 Sep
Oh yes! That's how he may easily do it.
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