Indian refiners Reliance Industries and Nayara Energy are planning to wind down purchases of Venezuelan oil in April fearing future U.S. sanctions could choke off all avenues to trade with state-run oil firm PDVSA, three sources with knowledge of the matter said.
Such a step by Reliance, which operates the world’s biggest refining complex, and Nayara – part owned by Russian oil major Rosneft – would severely curtail purchases by one of Venezuela’s last big export destinations. India accounted for about a third of Venezuela’s oil shipments in January.
The move comes as U.S. President Donald Trump warned in New Delhi this week of an increase in sanctions in a bid to oust Venezuela’s President Nicolas Maduro, whose 2018 re-election was considered a sham by most Western countries.
