Venezuela Emerges as India’s 3rd-Largest Crude Oil Supplier in May 2026

Venezuela moved up to become India’s 3rd-largest crude oil supplier during May, overtaking Saudi Arabia and the United States as Indian refiners increased purchases of Venezuelan crude following the return of supplies. 

Indian Refiners Increase Venezuelan Crude Purchases 

According to Kpler data, Venezuela supplied around 417,000 barrels per day (bpd) of crude oil to India so far in May, compared with 283,000 bpd in April. The country had not supplied crude oil to India during the previous nine months. 

Only Russia and the United Arab Emirates supplied more crude to India during the month. 

The increase in imports came after the United States eased restrictions on Venezuelan exports earlier this year. Indian refiners, including Reliance Industries Limited, stepped up purchases of Venezuelan heavy crude because of attractive pricing and refinery compatibility. 

Reliance Refinery Suited for Heavy Venezuelan Grades 

Venezuelan crude is considered particularly suitable for Reliance Industries’ advanced refinery operations in Gujarat, while several other Indian refiners can process the high-sulphur heavy grade only in limited quantities. 

India’s overall crude imports rose 8% month-on-month to 4.9 million barrels per day in May. However, imports remained below the 5.2 million barrels per day recorded in February before disruptions linked to the Iran conflict affected shipments from West Asia. 

Iran Supplies Halt While Iraq Shipments Partially Resume 

India had resumed crude imports from Iran in April after a gap of seven years following easing of sanctions. However, no Iranian cargoes were received this month due to the US naval blockade of Iranian ports. 

At the same time, some supplies from Iraq resumed after disruptions caused by the near closure of the Strait of Hormuz affected shipments in April. India imported around 51,000 bpd from Iraq in May compared with 969,000 bpd in February. 

Crude supplies from Saudi Arabia nearly halved to 340,000 bpd in May from 670,000 bpd in April. 

Read More: Fuel Market Share Shifts as Nayara and Shell Sales Drop; RIL-BP Expands Presence! 

Conclusion 

Venezuela’s return as a major supplier reflects changing crude sourcing patterns among Indian refiners as companies look for competitively priced supplies amid continuing geopolitical disruptions in global energy markets. 

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