Venezuela Emerges as Key Supplier to India Amid Middle East Disruptions

India has increased its crude oil procurement from Venezuela as a result of disruptions in the Iran conflict and problems around the Strait of Hormuz. Venezuelan crude has gained a bigger share of India's supply mix since purchases resumed in April.

Russia remains India's largest source of crude, with August imports approaching 2 million bpd. Purchases of Russian oil had climbed to roughly 2.6 million bpd during June and July, accounting for more than half of India's crude imports. This has provided a buffer against interruptions along conventional Middle Eastern supply routes.

Venezuela has emerged as a key supplier to India in August, with imports rising sharply and placing the South American producer fourth in India's crude supply rankings. Indian refiners have stepped up buying from Venezuela, Brazil, and African producers following disruptions in Middle Eastern supplies.