India Increases Venezuelan Oil Imports as Russian Supplies Drop
India is projected to reach its highest level of Venezuelan oil imports since 2019 as refiners shift away from Russian crude due to U.S. sanctions.
India's imports of Venezuelan oil are projected to reach their highest level since December 2019 in October 2026. Deliveries are expected to more than double from 196,000 barrels per day in September to approximately 465,000 barrels per day, although Kpler estimates actual flows may be closer to 350,000 barrels per day.
Reliance Industries Ltd. is driving this surge, with all scheduled cargoes bound for the port of Sikka to supply the Jamnagar refinery complex. The shift is driven by steep discounts on Venezuela's flagship Merey crude and rising costs for Russian Urals crude.
Indian refiners are simultaneously reducing Russian imports due to the threat of punitive tariffs following a sweeping U.S. sanctions law. This shift is evident in the data, as Russian crude's share of India's imports dropped to 35% in September from 56% in July.
