Chevron Corp. is preparing to export up to 1 million barrels of crude from Venezuela, even as U.S. pressure on the country’s oil trade intensifies following fresh accusations from President Donald Trump. According to Bloomberg tanker-tracking data, Chevron has completed loading a crude cargo onto the tanker Searuby and is in the process of loading another shipment onto the Minerva Astra. The exports come a day after President Trump accused Venezuela of using oil revenues to finance drug trafficking and te ...

Core Insights - Indian officials are negotiating with the Trump administration for permission to purchase crude oil from Iran and Venezuela if they significantly reduce imports from Russia [2][3] - The discussions highlight concerns that cutting off supplies from Russia, Iran, and Venezuela could lead to a spike in global oil prices [3] - India has maintained its crude imports from Russia despite U.S. tariffs, indicating a complex relationship with energy security and international sanctions [5][6] Group 1: Indian Oil Imports - India has been a significant buyer of Russian oil, with almost 90% of its oil needs met by imports, benefiting from discounted prices due to the geopolitical situation [7] - In July, Indian refiners paid an average of $68.90 per barrel for Russian crude, compared to $77.50 from Saudi Arabia and $74.20 from the U.S., showcasing the cost advantages of Russian oil [9] - The largest private refiner in India, Reliance Industries Ltd., has ceased purchasing Venezuelan crude due to tightened U.S. sanctions [8] Group 2: Diplomatic Negotiations - A delegation from India visited the U.S. to discuss oil imports and the impact of U.S. tariffs on their trade with Russia [5] - Indian Commerce Minister Piyush Goyal expressed a desire to increase purchases of American oil and gas, indicating a shift towards U.S. energy involvement [6] - The U.S. embassy in New Delhi has stated that India's imports of Russian crude undermine efforts to counter Russia's activities, reflecting the tension in U.S.-India relations regarding energy trade [4]

Core Viewpoint - India is considering reducing its imports of Russian crude oil if the U.S. permits the purchase of oil from Iran and Venezuela, as indicated by Indian officials in discussions with the U.S. Administration [1][3]. Group 1: India's Oil Import Strategy - Since the Russian invasion of Ukraine, India has increased its reliance on discounted Russian crude oil, making it the second-largest buyer of Russian oil after China [2]. - Indian refiners are expected to raise their imports of Russian crude by 150,000 to 300,000 barrels per day in September, representing a 10-20% increase compared to August [5]. - The discount for Russia's Urals crude blend for Indian buyers has widened to $3 to $4 per barrel, incentivizing continued purchases despite U.S. pressure [6]. Group 2: U.S.-India Relations and Oil Prices - Indian officials have warned that cutting off all three sanctioned suppliers—Russia, Venezuela, and Iran—could lead to a rise in international oil prices, which the U.S. Administration is keen to avoid [4]. - The Trump Administration has expressed concerns over India's purchases of Russian oil amid ongoing trade negotiations and the war in Ukraine [2][4]. - Indian Finance Minister Nirmala Sitharaman has stated that India will continue to buy Russian crude to serve its national interests, dismissing U.S. criticisms [7].