Major Indian refiner backs off Venezuelan oil as activity slows
At least one Indian refiner has turned away from Venezuelan oil following US tariff threats.
Reliance Industries, India’s largest privately-held refinery, has decided to shun crude from the South American country after US President Donald Trump signed an executive order on Monday slapping 25% tariffs on any country importing Venezuelan oil.
The move was reported by Bloomberg, citing unnamed sources familiar with the situation.
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