Traders Court Indian, Chinese Buyers for Venezuelan Crude
Global oil traders are in discussions with refiners in India and China to resume purchases of Venezuelan crude oil, following the easing of U.S. sanctions on the South American producer.
Industry sources said the talks are aimed at re-establishing supply channels that were disrupted by years of sanctions, which sharply limited Venezuela’s access to major international markets. With restrictions partially relaxed, traders are exploring opportunities to place Venezuelan barrels with large Asian refiners that have the capacity to process the country’s heavy crude grades.
India and China, among the world’s largest oil consumers, were once key buyers of Venezuelan crude before sanctions curtailed trade. Market analysts say renewed interest from refiners in both countries reflects efforts to diversify supply sources amid volatile global oil markets.
Venezuela, which holds the world’s largest proven crude reserves, has struggled to sustain production due to underinvestment, infrastructure decay, and sanctions. However, the easing of restrictions is expected to provide a boost to exports, generate much-needed revenue, and support a gradual recovery of its oil sector.
Traders noted that negotiations are ongoing and subject to commercial terms, logistics, and compliance with remaining U.S. regulatory conditions. If finalized, the deals could mark a significant step in Venezuela’s return to key Asian markets and reshape crude trade flows in the coming months.
