State-owned Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd. (HPCL) have jointly bought 2 million barrels of Venezuelan crude oil — the second deal Indian refiners have struck since oil restarted flowing into international markets. This is the second deal for Venezuelan crude after Reliance Industries bought 2 million barrels of Venezuelan oil for April delivery from Vitol. This is the second deal for Venezuelan crude after Reliance Industries bought 2 million barrels of Venezuelan oil for April delivery from Vitol. India imported Venezuelan crude until 2019-20 before U.S. sanctions on the South American country’s state oil company PDVSA stopped that. IOC and HPCL-Mittal Energy Ltd (a unit of HPCL) last took Venezuelan oil in 2024.

Source: The Hindu February 09, 2026 18:49 UTC