India’s Venezuelan oil imports hit near seven-year high
India’s imports of Venezuelan crude are set to touch about 465,000 barrels per day in October, the highest in nearly seven years, according to Kpler data cited by Bloomberg.
The figure is more than double September’s 196,000 barrels per day and the strongest since December 2019. Reliance Industries, India’s biggest buyer, is routing the barrels through its Jamnagar refinery via Sikka port.
The surge reflects attractive pricing. Venezuelan Merey crude is available at a discount of about 16 dollars a barrel to Brent, drawing Indian refiners back to the grade.
The shift has reshaped India’s import mix. Russia’s share of Indian crude imports fell to 35 per cent in September from 56 per cent in July, though analysts at Ritolia expect actual Venezuelan deliveries to settle closer to 350,000 barrels per day.
India resumed buying Venezuelan oil in February after the ouster of Nicolas Maduro and the easing of US sanctions.
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