India's oil imports to be disrupted as US-Venezuela tensions escalate

Uncertainty over Venezuelan supplies comes amid reduced discounted Russian flows

Indian imports of cheap Venezuelan oil, the country’s fifth-biggest crude supplier in 2019, may face disruptions from April as the US and the South American country are embroiled in a dispute over renewing a six-month permission for crude exports.

Uncertainty over Venezuelan supplies for Indian refiners comes amid reduced discounted Russian flows also targeted by the US, and the Indian government’s move to slash diesel and petrol prices by Rs 2/litre. Brent crossed $85 per barrel for the first time since November on Thursday.
 

According to analysts, all these factors may hurt the finances of the state-run oil marketing companies.
 

Oil