The US is looking to persuade India’s Reliance Industries Ltd. to refine more Venezuelan crude as Washington seeks to bring additional supplies to a market rattled by the Iran conflict.
US Secretary of State Marco Rubio raised the possibility during his three-day trip to India, telling reporters in Mumbai that India is “a refining superpower” with the capacity to handle Venezuelan crude, which is heavy and waxy. Rubio noted that Reliance also has pre-existing oil concessions in Venezuela that can produce more. He is scheduled to visit Reliance’s Jamnagar refining complex in Gujarat on Wednesday.
Upon arrival on Tuesday, Rubio met Indian External Affairs Minister Subrahmanyam Jaishankar. US Ambassador Sergio Gor called the talks “p productive,” saying both sides are committed to deepening ties in defense, energy, emerging technologies and trade. The visit comes as Washington and New Delhi seek to steady a relationship strained over trade and Russia.
India needs a realistic approach to its relationship with the US as Washington recalibrates its global engagement, Jaishankar told Bloomberg Editor-in-Chief John Micklethwait. “The reality is the United States has repositioned itself. It’s changed the manner in which it engages the world,” he said.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing