Core Insights - Bharat Petroleum Corporation (BPCL) has made its first-ever purchase of Venezuelan oil, while HPCL Mittal Energy Ltd (HMEL) has bought Venezuelan crude for the first time in two years, indicating a shift in India's oil sourcing strategy [1][1] - Each company has purchased one million barrels of Venezuela's Merey crude grade, which will be co-loaded on a very large crude carrier to optimize shipping costs [1][1] - This move is part of India's strategy to diversify its oil supply mix as it reduces imports from Russia, with total imports of Venezuelan crude expected to reach at least 6 million barrels through April [1][1] Company-Specific Summaries - BPCL will split the cargo for discharge at Kochi port for its 310,000 barrel-per-day refinery and at Sikka port for its 156,000 barrel-per-day Bina refinery [1][1] - HMEL, a joint venture of Hindustan Petroleum Corp and steel tycoon Lakshmi Niwas Mittal, imports crude through Mundra port for its 226,000 barrel-per-day Bathinda refinery [1][1] - Previous purchases of Venezuelan oil by Indian refiners were at prices approximately $6.5-$7 per barrel below the Dubai crude oil benchmark [1][1] Industry Context - Indian refiners are increasingly turning to Venezuelan oil to mitigate the impact of reduced Russian oil imports, which has facilitated an interim trade deal with the U.S. [1][1] - The U.S. has granted licenses to traders like Vitol and Trafigura to market and sell Venezuelan oil, reflecting a shift in the geopolitical landscape affecting oil trade [1][1] - Exports of Venezuelan oil to the U.S. are anticipated to increase, with Valero Energy set to receive up to 6.5 million barrels in March, indicating a broader trend of U.S. refiners seeking direct purchases from Venezuela [1][1]