Reliance agrees to cut Venezuelan oil imports India in talks with US on Iran waiver expiring in May Iran imports hold $6-$7/b discount to US, Venezuela crudes Washington — By asking India this week to cut its Venezuelan crude oil imports, the US may be showing its willingness to ease Iran sanctions enforcement for the world’s No. 3 oil consumer. India needs both Iranian and Venezuelan oil to run its refineries, but Iranian crude has the advantage of being closer, less expensive and potentially more reliable as Venezuela’s infrastructure collapses. The US is using sanctions against Tehran and Caracas to clamp down on both countries’ oil exports to exert economic pressure. For major importer India, the two US policies have collided, likely making it impossible for diplomats to talk about one without addressing the other. India […]