Venezuela Becomes Top Oil Supplier to India Amid Mid-East Turmoil
Venezuela became India's third-largest crude supplier in May 2026 after the U.S. eased sanctions and regional conflicts disrupted Middle Eastern oil shipments.
Venezuela emerged as one of India's primary crude oil suppliers in May 2026, providing between 381,000 and 427,000 barrels per day. This surge, which saw Venezuela overtake the United States and Saudi Arabia, followed the easing of U.S. export curbs after the removal of President Nicolas Maduro in January and sanctions relief in February. The shift was accelerated by regional instability, including a U.S. naval blockade of Iranian ports and the closure of the Strait of Hormuz, which forced India to diversify its energy sourcing.
Reliance Industries drove the increase by processing Venezuela's cheaper, heavy, high-sulphur crude at its advanced Jamnagar refinery in Gujarat. While India's total crude imports rose 8% month-on-month to 4.9 million barrels per day, supplies from Saudi Arabia nearly halved to 340,000 barrels per day due to aggressive pricing.
To solidify this partnership, Venezuelan Interim President Delcy Rodriguez visited New Delhi to attract investment and establish long-term supply arrangements. During these talks, Indian Petroleum Minister Hardeep Singh Puri indicated that Indian energy companies are prepared to expand their participation in Venezuelan oil fields. Simultaneously, U.S. Secretary of State Marco Rubio visited India in late May to discuss energy security and encourage a shift from Russian oil toward U.S. and Venezuelan sources.
