Venezuela Becomes India’s Third-Largest Oil Supplier
Venezuela has emerged as India’s third-largest crude oil supplier in May, overtaking Saudi Arabia and the United States as Indian refiners turned to cheaper crude amid West Asia supply disruptions.
Venezuela Crude Oil Supply To India
Venezuela supplied around 417,000 barrels per day of crude oil to India so far in May, a sharp rise from about 283,000 barrels per day in April. The country had not supplied crude to India during the previous nine months.
The surge reflects a major shift in India’s crude import pattern as refiners search for affordable alternatives during global energy uncertainty. Only Russia and the United Arab Emirates supplied more crude to India in May.
Saudi And US Oil Supplies Decline
Saudi Arabia and the United States were pushed behind Venezuela in India’s crude supplier rankings this month. Saudi supplies dropped sharply as disruptions in West Asia affected traditional shipping and sourcing patterns.
India’s overall crude imports rose 8% month-on-month to about 4.9 million barrels per day in May. However, imports remain below the 5.2 million barrels per day recorded in February, before the Iran war disrupted energy flows.
Reliance And Indian Refiners Buy Venezuelan Crude
Reliance Industries and other Indian refiners increased purchases of Venezuelan crude because it is cheaper and suited to complex refineries capable of processing heavier grades.
The shift also shows India’s effort to diversify energy sourcing during periods of geopolitical risk. With the Strait of Hormuz facing repeated disruption, refiners are looking beyond traditional suppliers to maintain crude availability and protect margins.
