India Turns to Angola and Venezuela for Crude Amid Middle East Conflict

India's state-run refiners are seeking alternative crude supplies from Angola and Venezuela to offset losses due to the ongoing conflict in the Middle East. Bharat Petroleum Corporation Limited (BPCL) is exploring new crude grades, including two from Venezuela and Angola, as part of a diversification effort.

Hindustan Petroleum Corporation Limited (HPCL) reported that it barely received any term supplies from the Middle East in the first quarter due to cargoes being trapped in the Persian Gulf west of the Strait of Hormuz. HPCL managing director Vikas Kaushal stated, 'We had to make decisions based on availability rather than optimisation.'

Indian Oil Corp and Mangalore Refinery and Petrochemicals Limited (MRPL) have suspended crude oil loadings from Iraq amid escalating hostilities in the region and security concerns.