India’s oil refiners are facing increasing challenges due to U.S. sanctions on imports from Iran and Venezuela which have come at the same time as demand is rising. Total Indian crude oil imports rose 10.2% year over year in the 12 months to Jun. 30, with shipments from Iran having dropped to zero in June. Reliance Industries has responded to U.S. sanctions against Venezuela with a barter system, swapping diesel exports for Venezuelan crude oil imports from PdVSA. While Venezuela only represented 1.5% of total Indian imports over the past 12 months, it accounted for 22.5% of Rel...