Reliance returns to buying Venezuelan oil

Reliance has returned to Venezuelan crude after a pause that began in the middle of last year, as India seeks to diversify its supply and US intervention brings the South American country’s oil back to market.

The refining giant has taken one very large crude carrier with a cargo of around 2 million barrels, according to a person familiar with the transaction. The person requested not to be named as they aren’t authorised to speak to the media.