India's Reliance Industries buys 2 mln barrels of Venezuelan oil, traders say

Group 1 - Reliance Industries has purchased 2 million barrels of Venezuelan oil from trader Vitol at a discount of approximately $6.5-$7 per barrel compared to ICE Brent for April delivery [1][1][1] - The acquisition involves one very large crude carrier, indicating a significant investment in crude oil supply from Venezuela [1][1][1] - This move reflects Reliance's strategy to secure cheaper oil supplies amid fluctuating global oil prices [1][1][1] Group 2 - The transaction highlights India's increasing openness to commercial crude supply from Venezuela, suggesting a potential shift in energy sourcing strategies [1][1][1] - The deal comes at a time when global oil markets are experiencing volatility, influenced by geopolitical factors and supply concerns [1][1][1] - Reliance's actions may impact the broader oil market dynamics, particularly in relation to pricing and supply chains [1][1][1]