India Turns to Venezuela as Middle East Disruptions Accelerate Crude Supply Diversification
India has been diversifying its crude oil supplies due to disruptions in the Middle East. Ship tracking data from Kpler shows that Indian imports from Venezuela have increased sharply in August, making it the country's fourth-largest supplier.
Venezuelan supplies reached about 444,000 barrels per day, ahead of Iraq's 118,000 bpd and the United States' 153,000 bpd. India's crude imports from Venezuela have risen rapidly since imports resumed in April, along with purchases from Brazilian and African suppliers.
Russia remains the dominant supplier to India, with imports close to 2 million bpd in August. However, Indian refiners have been diversifying their supplies due to disruptions in traditional Middle Eastern routes.
Sumit Ritolia, Senior Manager - Modelling at Kpler, noted that 'India's strategy is increasingly operating on several fronts at once: increasing domestic upstream production where possible, diversifying overseas crude suppliers and transportation routes, building strategic and commercial inventories, and accelerating alternatives such as gas, biofuels, EVs and renewables.'