Business
Trinidad proposes Indian firms refine Venezuelan crude locally
Livemint·
High Commissioner Chandradath Singh said Trinidad is talking with ONGC Videsh and Oil India about processing Venezuelan crude at the reopening Guaracara refinery. India imports about 90 percent of crude from roughly 41 countries. Singh cited Brent above $110 a barrel amid West Asia risks and analysts cited about 190,000 barrels a day from Venezuela in 2026.
Prism
What It Means For You
- Indian refiners watching heavy crude spreads may track ONGC Videsh and Oil India talks on Guaracara processing.
- Fuel buyers may see supply diversification if Venezuelan barrels flow through Trinidad while Brent stays above $110.
- Energy analysts may compare 190,000 barrels a day Venezuelan flows to India against transport and sanction constraints.
What's Happening
- Singh told Mint Trinidad wants Indian firms to process Venezuelan crude at Guaracara in Pointe-à-Pierre.
- The refinery sat shut for more than seven years before renovation plans.
- India imports about 90 percent of annual crude from around 41 countries.
Caribbean refinery reopening
- S&P Global figures quoted in coverage put 2026 Venezuelan supplies near 190,000 barrels a day.
- US officials have urged India to buy more Venezuelan oil after Caracas political shifts.
- Singh said ONGC Videsh wells in Venezuela are reopening alongside the refinery push.
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