Reliance buys 2 million barrels of Venezuelan oil

Reliance Industries has bought 2 million barrels of Venezuelan oil from trader Vitol, trade sources ‍said ⁠on Thursday, the first purchase by the company from the South American nation in ​nearly a year.

Trading houses ‌Vitol and Trafigura were granted US licences to market ​and sell millions of barrels of Venezuelan oil following the US military operation last month to capture President Nicolas Maduro, and a ‌subsequent supply agreement with interim President Delcy Rodriguez.

Reliance, which operates the ‌world’s biggest refining complex, has bought ‌Venezuelan crude for April delivery at a discount ‌of around $6.5-$7 ‍per ⁠barrel ​to ICE Brent, the trade sources said.