Venezuela Overtakes Saudi Arabia as India's Third-Largest Oil Supplier

India's import of crude oil from Venezuela reached its highest level since 2020 in August, increasing by 64% to 358,000 barrels per day. This surge follows the easing of US sanctions, which has prompted refiners to increase their purchases.

Venezuela overtook Saudi Arabia as India's third-largest oil supplier in August, according to data from commodity analytics firm Kpler.

Meanwhile, Russia remained the largest crude supplier to India, but its imports fell to a four-month low of 2.06 million barrels per day in August, marking a sharp drop of 27% from July.