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Indian Oil, HPCL buy 2 mln bbls Venezuelan oil from Trafigura -trade sources

ReutersFeb 9, 2026 6:12 AM

NEW DELHI, Feb 9 (Reuters) - India's top refiner, Indian Oil Corp IOC.NS and Hindustan Petroleum Corp HPCL.NS have together bought 2 million barrels of Venezuelan crude Merey from trader Trafigura for delivery in the second half of April, trade sources said.

The purchase of Venezuelan oil is the first by HPCL, with IOC having previously bought Venezuelan oil in 2024, data compiled by Reuters shows.

The pricing of Merey is linked to the Dubai benchmark and reflects similar rates at which Reliance Industries RELI.NS bought Venezuelan oil from trader Vitol, said one of the sources, who all spoke on condition of anonymity.

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