India resumes imports of Venezuelan oil, Reliance seeks direct deal

Indian refiners have resumed Venezuelan oil purchases through intermediaries, with Reliance set to meet executives from state firm PDVSA next week to discuss direct sales following the easing of U.S. sanctions on the South American country, people familiar with the matter said.

The resumption in trade between the OPEC producer and what was the second largest destination for its oil comes after Washington in October temporarily lifted sanctions banning Venezuelan oil exports, prompting a flurry of spot sales of crude and fuel through middlemen and traders, mostly to China.

But Venezuela’s oil output has been volatile, limiting what it can offer for export.