By Admin 
He further said, Venezuelan crude oil will actually cost Reliance a little more than the Middle East supply including shipping costs. In other words, this purchase of oil is mainly to give a political signal to the Trump administration. It is being told that millions of barrels of Venezuelan oil are stuck in marine tankers and ships there. Of these, America is preparing to sell approximately 30-50 million barrels of crude oil to other countries at market price. The money received from this will be under Trump’s control, which will be used for the development of Venezuela and America.
Oil purchases from Russia are decreasing
In the last few months, under pressure from America, many countries of the world are reducing the purchase of crude oil from Russia. In such a situation, in order to maintain the supply of oil and open the way for purchasing oil from other countries, as well as to avoid pressure from western countries, Reliance wants to buy oil from Venezuela with the approval of America. Another reason for this could be that Venezuelan crude oil is cheaper than Brent crude by 5-8 dollars per barrel because Venezuelan crude oil is mixed with sulfur. Reliance also has the capacity to process it in its refinery in Jamnagar, so Venezuelan crude oil is a better option for it to increase the sources of supply.
Earlier also Reliance used to buy oil
How will the payment be done?
Regarding the payment after the purchase of oil, Brahma Chellaney said that Reliance will not pay for the crude oil by purchasing US bonds, but according to reports, they will deposit the sale proceeds in US-controlled accounts in global banks.
Chellaney said, “Reliance will not make payments directly to the US Treasury. Instead, the proceeds from the sale will be deposited in US-controlled accounts in ‘globally recognized banks’.”
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