A high-seas oil tango is back on between Venezuela's state oil company PDVSA and India’s Reliance Industries, rekindling a swap arrangement paused by U.S. sanctions. This revival, greenlit by a U.S. license in July, signals a cautious step forward for both players. But onlookers shouldn't break out the champagne just yet. Earlier this month, a supertanker brimming with 1.9 million barrels of Venezuela’s Merey heavy crude set sail for India’s Sikka port. In return, Reliance delivered 500,000 barrels of heavy naphtha to PDVSA—a…
