AMN / WEB DESK
Reliance Industries Ltd. has stopped further purchases of Venezuelan crude after US President Donald Trump imposed a 25 per cent tariff on countries buying the South American country’s oil, reports Business Standard.
According to reports India’s largest privately owned refiner is expected to take delivery of a cargo of Merey crude that’s currently en route from Venezuela, but additional buying has been put on hold, according to people familiar with the situation, who asked not to be identified because the matter is sensitive.
Reliance secured waivers from the US last year to resume importing crude from Venezuela, and Kpler estimates the refiner has taken 6.5 million barrels since the start of the year. Trump’s executive order on Monday, however, will target any nation taking Venezuelan oil with “secondary” tariffs, with effect from April 2.