India’s Reliance is set to resume oil imports from sanctioned Venezuela, according to a Reliance representative that spoke to Reuters on Wednesday. India had stopped its imports of Venezuelan oil months ago after the United States sanctioned Venezuela. Reliance feels secure in its decision to resume the imports, because it will be taking the crude oil in exchange for supplying Venezuela with fuels including diesel, a scenario that is allowed under the sanctions. “These are actions compliant to U.S. sanctions as crude sourcing against supply of permitted products is allowed,” the representative said in an email to Reuters. Venezuela’s oil industry has suffered under the weight of those sanctions that have caused inventories to build up, causing its last running blending unit, Petrosinovensa , to shut late last week. Other blending units had already been shuttered earlier in the year. Venezuela’s list of crude oil buyers have shrunk in […]