Reliance Industries Buys Canadian Heavy Crude To Offset Venezuelan Decline: Report

Reliance Industries has agreed to purchase two million barrels of Canadian heavy crude per month, three industry sources said, as a substitute for dwindling Venezuelan supply. The deal, large for Canada, shows how global buyers are scrambling for new sources of heavy oil. Venezuela's production has collapsed over the last several years, and US sanctions have squeezed its ability to sell oil to international buyers, including Reliance...