Venezuela becomes big source of Indian oil imports, Russia remains on top of list
New Delhi, July 17: Amidst the ongoing volatility in the global energy supplies due to the West Asia war, Venezuela entered the list of India’s top five crude suppliers, making a comeback after the US lifted its sanctions on the major oil producer.
Russia, which has been facing US sanctions on selling oil with intervals, remained India’s largest crude oil supplier this year so far, according to Kpler data.
Imports from Russia rose from 1.07 million barrels per day (mbpd) in February to a high of 2.73 mbpd in June.
As of July 15, imports stood at 2.59 mbpd. Russia is now supplying nearly four times as much crude as Saudi Arabia, India’s second-largest supplier during the month.
Iimports from Russia stood at 1.19 mbpd in January before easing to 1.07 mbpd in February.
In March, when the United States eased restrictions on certain Russian crude cargoes already at sea, India’s imports jumped sharply to 2.05 mbpd. Imports moderated to 1.72 mbpd in April before rising again to 2.14 mbpd in May and peaking in June.
India has significantly increased purchases of discounted Russian crude since the outbreak of the Russia-Ukraine war in 2022.
Russia has remained India’s largest crude supplier for most of this period.
The country has faced criticism from the United States and several European nations for continuing to import discounted Russian crude.
More recently, the US imposed an additional 25% tariff on imports from India and announced sanctions on major Russian energy companies, including Rosneft and Lukoil, in an effort to discourage purchases of Russian oil.
Venezuela Returns
While Russian crude continued to dominate India’s import basket, Venezuelan oil returned after the easing of US restrictions on Venezuelan oil exports in early 2026.
Imports from Venezuela resumed in April at 0.28 mbpd. Supplies remained largely stable at 0.27 mbpd in May and 0.28 mbpd in June before rising to 0.34 mbpd by July 15, the highest level recorded this year.
Venezuela was once an important crude supplier to India, accounting for 6.7% of the country’s crude imports in FY18 and consistently ranking among India’s top six suppliers until FY20.
Subsequently, the imports from Venezuela were disrupted as the US imposed sanctions on it. These sanctions were lifted only after the US capture Venezuelan President Moduro in a military operation in January this year and made the country subservient to America.
The Strait of Hormuz, through which nearly 20% of the world’s oil and LNG trade passes, witnessed severe disruptions during the West Asia conflict, prompting major oil-importing countries, including India, to diversify their sourcing strategies. (BVI)
