Major Indian refiner backs off Venezuelan oil as activity slows

At least one Indian refiner has turned away from Venezuelan oil following US tariff threats.

Reliance Industries, India’s largest privately-held refinery, has decided to shun crude from the South American country after US President Donald Trump signed an executive order on Monday slapping 25% tariffs on any country importing Venezuelan oil.

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The move was reported by Bloomberg, citing unnamed sources familiar with the situation.