World’s Largest Oil Refining Company Halts Venezuelan Oil Purchases Following President Trump Tariff Announcement

Sundance reporting for CTH 

Last week President Trump announced secondary tariffs of 25% against any nation who purchases oil from Venezuela.  The approach was in response to the Venezuelan government refusing repatriation of their criminal gang members and organized narcotraffickers.

India operates the world’s largest oil refining company Reliance Industries, and facing the possibility of 25% tariffs against India, Reliance has cancelled oil purchases from Venezuela.

NEW DELHI, March 26 (Reuters) – India’s Reliance Industries (RELI.NS), opens new tab, operator of the world’s biggest refining complex, will halt Venezuelan oil imports after the United States announced a 25% tariff on nations buying crude from the South American nation, three sources said on Wednesday.

The Indian conglomerate, which last year obtained approval from U.S. authorities to purchase oil from the sanctioned producer, imports an average of 2 million barrels of Venezuelan crude every month, according to LSEG data.

[…] The three industry sources with knowledge of Reliance’s purchasing plans said the company would stop buying Venezuelan crude due to the tariff threat.

[…] Loading of Venezuelan heavy crude at the country’s main oil ports has already slowed this week following the tariff announcement. (more)