India Diversifies Crude Oil Imports from Middle East to Latin America
India is diversifying its crude oil imports from the Middle East to Latin America in response to disruptions caused by the Iran conflict and the Strait of Hormuz. Ship tracking data shows that Venezuelan supplies have risen sharply, making it India's fourth-largest supplier with around 444,000 barrels per day.
The country is adopting a multi-pronged strategy for enhanced energy security, including increasing domestic upstream production, diversifying overseas crude suppliers, and building strategic and commercial inventories. Indian refiners have increased purchases of Venezuelan, Brazilian, and African crude after disruptions to Middle Eastern supplies.
Russia remains the dominant supplier, with imports close to 2 million bpd in August. Russian crude imports accounted for more than half of India's crude intake in June-July, providing a hedge against disruption to traditional Middle Eastern supply routes.