Cheap Venezuela crude oil to complement discounted Russian grades

India’s thirst for cheap oil got a legup this week after the US lifted sanctions on exports of Venezuelan crudes, which, until a few years ago, accounted for a tenth of India’s crude oil imports.
 

These grades are available at discounts of over 20 per cent to the average of the Indian crude oil basket, according to government and industry officials and the ship-tracking data.
 

India is studying options to resume imports of oil from Venezuela after purchases stopped in late 2020. But the volumes will depend on the extent of discounts offered and on Venezuela’s ability to meet Indian