Venezuela Crude Returns to India's Oil Basket Amid Global Shift

India's oil imports from Venezuela have surged in August, with five supertankers carrying around 10 million barrels of crude headed towards India. This marks a significant increase from July, with Venezuelan crude imports climbing to about 358,000 barrels per day, their highest monthly level since 2020.

According to Kpler data, this represents a rise of roughly 64% from July, pushing Venezuela ahead of Saudi Arabia into third place among India's crude suppliers. Russian crude arrivals, on the other hand, fell to about 2.06 million barrels per day in August, down around 27% from July.

The Indian state-owned producer ONGC is preparing to invest around $200 million in the San Cristobal oilfield, where production has fallen sharply from earlier levels. The company targets a substantial increase in output as Venezuela attempts to rebuild its oil industry affected by years of underinvestment and sanctions.