BusinessPhoto: Business StandardUS Crude Oil Costly for India; Venezuela Offers Cheaper Oil
US Secretary of State Marco Rubio urged India to increase purchases of US and Venezuelan oil during his visit. However, Indian refiners find US crude too expensive due to high freight rates and premiums, while Venezuelan oil remains more affordable, especially for Reliance Industries. Recent Indian customs data shows US crude was the costliest in August, with similar trends in September and October, limiting US oil imports for India.
Business Standard·



