India Secures Venezuelan Oil Via Third Party: Big Discounts & US Sanctions Bypass

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News18•10-02-2026, 11:58
India Secures Venezuelan Oil Via Third Party: Big Discounts & US Sanctions Bypass
- •India's IOC and HPCL ordered 2 million barrels of Venezuelan crude oil through Trafigura, marking HPCL's first purchase from Venezuela.
- •The deal, facilitated by a third party, helps India bypass US sanctions on direct transactions with Venezuela, mitigating legal and financial risks.
- •US-granted licenses to traders like Trafigura enable the sale of Venezuelan oil, making international banking transfers easier and safer.
- •India is expected to receive a significant discount of $6.50 to $7 per barrel, comparable to discounts on Russian oil.
- •This move suggests India's 'Plan B' for energy security, diversifying sources beyond Russia without upsetting the US.
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