Vitol and Trafigura have started discussions on Venezuelan crude oil sales with refiners in India and China for cargoes to be delivered in March, several trade sources said on Monday. Indian refiners, PetroChinaVitol is approaching Indian state refiners to sell the oil, two of the sources said. Refiners Indian Oil Corp and Hindustan Petroleum Corp would consider buying Venezuelan oil, sources told Reuters last week. Reliance Industries said it would consider resuming purchases of Venezuelan crude if sales to non-US buyers are permitted under US regulations. The imminent resumption of Venezuelan oil exports has offset concerns of a potential supply disruption in Iran to cap gains in global oil futures.

Source: The Telegraph January 12, 2026 11:44 UTC