Business · India Bureau
India's Venezuelan crude imports surge to seven-year peak
Indian refiners are sharply increasing purchases of Venezuelan crude, with October deliveries expected to more than double from September levels. The surge marks the highest intake from the South American nation in seven years.
LSN India ·
Venezuelan crude oil deliveries to India are set to reach approximately 465,000 barrels per day in October, more than double the 196,000 barrels per day recorded in September, according to shipping data analysts tracking the flows.
The sharp increase reflects renewed purchasing momentum from Indian refiners, particularly major operators like Reliance Industries, which have been ramping up acquisitions of Venezuelan crude as economic conditions favour the high-volume, lower-cost supply.
October's import level represents the strongest monthly intake from Venezuela in seven years, signalling a significant shift in India's crude oil sourcing strategy. The West Asian crude market dynamics and refinery economics have made Venezuelan supplies increasingly attractive to Indian processors despite geopolitical complexities surrounding the South American nation.
Indian refineries have historically relied on Venezuelan crude for blending with lighter grades and managing their feedstock costs. The latest purchasing pattern underscores how energy security considerations and commercial incentives continue to drive India's diversified approach to crude procurement across global markets.
The trend is expected to sustain momentum through the coming months as refiners maintain elevated intake levels to capitalise on prevailing market conditions and secure long-term supply agreements.