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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China crude oil import: The US wants oil not to be purchased from Russia and Iran. In this sequence, the countries buying oil from these two are being strict. America is also in demand from China. Now China has expressed its opinion on this. After two days of talks in Stockholm between the officials of the two countries, China’s Foreign Ministry on Wednesday wrote on X, China will ensure its energy supply according to its national interest. Further written in this post, nothing will be achieved from force and pressure. China will strongly protect its sovereignty, security and development interests.

Consent on this matter in the meeting

A meeting between the officials of the two countries was held in Stockholm to declare heavy tariffs on sugar imports in the US and to resolve trade restrictions. Finance Minister Scott Besant was involved in this from the US, while China was represented by Deputy Prime Minister Hey Lifeng.

After this meeting, it was decided that both countries will not increase the tariff on each other at the moment. The US will collect 30 percent tariffs on import of Chinese goods, while China will impose only 10 percent tariffs on US imports. However, Trump will take the final decision on this. According to the information given by Besant, both of them may again have another meeting in 90 days. Meanwhile, what will be the effect of this clear and harsh trend of China regarding the purchase of energy, it will be known in the coming days itself.

Your sovereignty for China

After the talks in Stockholm, when Besant was asked questions about the purchase of oil from Russia, he said, “China takes its sovereignty very seriously. We would not like to disturb it. China will also like to give 100 percent tariff. ”Let us tell you that Trump has warned that whoever buy oil from Russia will be imposed for 100 percent.

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