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ā¢ Indian refiners have resumed buying Venezuelan oil through intermediaries, with Reliance set to meet executives from state firm PDVSA next week to discuss oil sales following the easing of U.S. sanctions on the South American country.
ā¢ Three Indian refiners have bought some 4 million barrels of Venezuelan crude for February delivery at between $7.50 and $8 per barrel below dated Brent on a delivered ex-ship basis.
ā¢ Access to Venezuela's heavy oil could cap import costs for India and further reduce its reliance on the Middle East.