India's Bharat Petroleum and HMEL Buy Venezuelan Crude

India's state-owned Bharat Petroleum and private refiner HPCL-Mittal Energy have each purchased one million barrels of Venezuelan Merey crude oil, marking Bharat Petroleum's first-ever purchase and HPCL-Mittal Energy's first in two years. These deals, arranged through trader Vitol, will increase India's Venezuelan oil imports to at least 6 million barrels through April. Indian refiners are turning to Venezuelan oil as they reduce Russian imports, a strategic move that helped India secure a temporary trade agreement with the United States. Other Indian companies like Reliance Industries, Indian Oil Corporation, and Hindustan Petroleum have previously purchased Venezuelan crude. Trading companies Vitol and Trafigura have been handling Venezuelan oil sales since January under US licenses. Venezuelan oil exports to the United States are also expected to grow, with Valero Energy and Chevron Corporation increasing their shipments.