NEW DELHI, February 25. /TASS/. India purchased the first batch of Venezuelan oil since 2023 from US corporation Chevron in February 2026.

According to The Economic Times, the oil importer is India’s Reliance Industries, which was not buying Venezuelan energy resources from Chevron since December 2023. Traders chartered two large-capacity tankers capable of carrying up to 2 mln barrels each to deliver heavy Merey oil from Venezuela to India.

Indian importers are expected to increase chartering of very large crude carriers to reduce logistical costs of transporting oil from the Latin American country. The agreed price for the batch of Merey oil purchased by India was about $15/barrel lower than the Brent price.