Commodities
Venezuela Surges as India Diversifies Oil Imports Amid Geopolitical Tensions
India's oil imports from Venezuela have surged in August, making it the country's fourth-largest supplier. This comes as India diversifies its crude sourcing to Latin America due to escalating geopolitical tensions in the Middle East and concerns over the Strait of Hormuz.
Venezuelan supplies reached about 444,000 barrels per day in August, surpassing Iraq and the United States. Indian refiners increased purchases of Venezuelan, Brazilian, and African crude after disruptions to Middle Eastern supplies.
Despite increasing reliance on Russian oil, India is exploring multiple fronts, including domestic production, alternative suppliers like Latin America and Africa, and building strategic inventories.