The Indian billionaire investing in Trump's refinery project is also buying more Venezuelan crude
Outside the U.S., India is the biggest destination for Venezuelan oil, with Reliance Industries purchasing the bulk of it.
TL;DR
- Reliance Industries is the biggest buyer of Venezuelan crude outside the U.S.
- President Trump is encouraging India to buy more Venezuelan oil.
- Reliance is investing in a U.S. oil refinery project proposed by Trump.
- In September, 76% of India's Venezuelan crude imports went to Reliance Industries.
- Reliance's Jamnagar refinery is capable of processing Venezuelan heavy crude.
- India's procurement of Russian oil has also drawn U.S. scrutiny.
- India's energy security decisions are prioritized despite U.S. pressure.
- India remains the largest destination for Russian crude oil.