According to a document, Venezuela’s state-owned oil company PDVSA has resumed oil swaps in the United States with US authorization.

India’s Reliance Industries has resumed an oil swap with Venezuela’s state oil company PDVSA, despite US sanctions on Venezuela. The swap allows Reliance to import Venezuelan crude in exchange for refined products. This comes after the US granted Reliance an individual authorization to trade with Venezuela. India was Venezuela’s second-largest market for crude before the sanctions, but China has since become the main destination. Reliance plans to pay the balance of the crude purchases in cash. The deal could be affected by a possible change in the US sanctions regime, which has been in place since 2019. If the sanctions are relaxed, Venezuela’s oil exports to the US could be redirected to Asian destinations. The Venezuelan government has criticized the sanctions as “economic war” and claimed the country is resilient despite the measures. The situation is being closely watched by oil markets and analysts, who predict that if the US sanctions change, Venezuela’s oil exports could be redirected to Asia.