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For HPCL, this marks its first purchase of Venezuelan crude. The seller is commodity dealer Trafigura, the sources said. The cargo might be shipped on a single very large crude carrier (VLCC), with IOC lifting around 1.5 million barrels and HPCL taking about 500,000 barrels. India’s state-run refiners have turned to Venezuela for fresh crude provides as they recalibrate sourcing strategies.
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Vitol and Trafigura had been granted U.S. licences to sell Venezuelan oil following final month’s U.S. navy operation to seize President Nicolas Maduro. IOC earlier processed Merey crude at its Paradip refinery in Odisha. In January, HPCL had indicated it was in search of Venezuelan crude for its 300,000 barrels-per-day refinery in Visakhapatnam, Andhra Pradesh, which was just lately upgraded to deal with heavier grades. IOC, the country’s largest refiner, had previously processed Venezuelan oil in 2024, based on data compiled by Reuters.
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