Reliance Industries Buys 2 Million Barrels of Venezuelan Crude Oil for April Delivery

Reliance Industries has purchased 2 million barrels of Venezuelan crude oil from trader Vitol, marking its first acquisition from Venezuela in nearly a year. The oil is scheduled for April delivery at a discount of approximately $6.5-7 per barrel compared to ICE Brent prices. This transaction follows U.S. licenses granted to Vitol and Trafigura to market Venezuelan oil after a recent U.S. military operation targeting President Nicolas Maduro and a supply agreement with interim President Delcy Rodriguez. Reliance and Vitol declined to comment.