Someone's loss is always someone else's gain. As the US continues with its de facto ban on import of crudes from Venezuela, the Latin American nation which is in the middle of a political crisis after Opposition leader Juan Guaido challenged President Nicolas Maduro to proclaim himself as the interim president, India has gained.
It may be mentioned here that India came under immense pressure to maintain its oil trade with Iran after the latter came under America's wrath.
According to a report in Bloomberg, India has emerged to be the No.1 buyer of Venezuelan crude in February after exports to the US came to nought. The quantity of exports to India has jumped 66 per cent to 620,000 barrels a day and the boost is being driven by refiners like Reliance Industries Ltd and Nayara Energy Ltd, backed by Rosneft, Russia.
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WNU Editor: Apparently the discount on Venezuelan oil is beyond good, hence the purchases by Indian companies. So much for Venezuelan sanctions and India respecting U.S. wishes.
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