A revitalized Venezuelan oil industry could lift production from 800,000 barrels daily back to its peak of 3 million, but the path will be long and costly.

By Nidhi Verma and Jarrett Renshaw NEW DELHI, Jan 30 (Reuters) - The United States, which threatened to impose tariffs on India last year for buying Venezuelan oil, has told Delhi it can resume those purchases soon to help replace imports of Russian oil,

Crude imports hit record highs, with December stockpiling estimated at 2.67 million bpd-the fastest pace since 2020-as Beijing took advantage of low prices and expanded storage capacity.

According to market experts, the sudden fall in oil prices was triggered by political and economic developments in the United States. Rahul Kalantri, Vice-President of Commodities at Mehta Equities, said crude prices turned highly volatile after Kevin Warsh was nominated by President Donald Trump as the next chief of the US Federal Reserve.

Commercial crude oil stocks rose last week by 3.6 million barrels as refineries ran at a slower rate, said the Energy Information Administration.

Moody’s warns that an immediate halt to India’s Russian crude imports would disrupt global oil markets, even as New Delhi accelerates a shift toward non-Russian supplies under pressure from a new U.S.

SINGAPORE, Feb 1 (Reuters) - Two tankers ‌suspected ​of illegal ship-to-ship oil ‌transfers were detained and more than 512 ​million ringgit ($129.9 million) worth of crude oil seized 24 nautical ‍miles west of Muka ​Head, Penang last week, the Malaysian Maritime Enforcement ​Agency ⁠said on Saturday.

By Anushree Mukherjee and Enes Tunagur BENGALURU/LONDON Jan 27 (Reuters) - U.S. demand for imported fuel oil is set to fall this year as refiners snap up new flows of heavy Venezuelan crude, yielding more domestically produced fuel oil that can be processed into higher-value products such as gasoline and diesel.

With the US lifting some sanctions on Venezuelan oil, the Trump admin has reportedly given India a green light to tap Venezuelan oil as well as its Russian oil imports fall.