SBI: India's Refiners Could Make Money By Switching to Venezuelan Oil
India's refiners might make out well by taking a deal with the United States to buy lots of Venezuelan oil, according to the State Bank of India. Indian refineries became major consumers of gray-market Russian crude oil after the invasion of Ukraine in 2022, drawn by deep discounts and the prospect of profitable crack spreads for overseas sales of the resulting products. (Controversially, a substantial share of the refined-product exports from these refineries ended up for sale in Europe, where...
Continue Reading...
Loading More news