India’s Venezuelan oil imports set to hit seven-year high as Russian crude gets costlier: Report
Venezuelan crude deliveries to India are projected to reach about 465,000 barrels per day (bpd) this month, up from 196,000 bpd in September, according to Kpler estimates.
- Oct 7, 2026,
- Updated Oct 7, 2026 3:30 PM IST
India’s imports of Venezuelan crude are expected to more than double in October as steep discounts on the South American producer’s oil encourage refiners to increase purchases amid rising costs and sanctions-related risks surrounding Russian supplies, Bloomberg News reported on Wednesday.
Venezuelan crude deliveries to India are projected to reach about 465,000 barrels per day (bpd) this month, up from 196,000 bpd in September, according to Kpler estimates. If scheduled cargoes arrive on time, October imports would be the highest since December 2019.
However, actual volumes could be lower. Kpler senior manager Sumit Ritolia expects October deliveries to average closer to 350,000 bpd, as some vessels may not discharge before the end of the month.
All Venezuelan cargoes currently headed for India list Sikka port in Gujarat as their destination. Sikka serves Reliance Industries’ Jamnagar refinery complex, the world’s largest refining hub. At least two tankers are scheduled to arrive on India’s west coast on October 31, according to ship-tracking data.
India resumed imports of Venezuelan oil in February after an almost year-long pause, following the easing of US sanctions that had restricted the country’s crude exports. The renewed flows have gained importance as Indian refiners reassess their dependence on Russian crude.
Russia remains India’s largest crude supplier, but its share of India’s imports fell to around 35% in September from as high as 56% in July, according to Kpler data. Russian Urals crude prices have also climbed, with Baltic-loading prices reaching their highest levels since the start of the Ukraine war. Indian refiners are additionally becoming more cautious about Russian purchases amid the threat of fresh US sanctions and punitive tariffs.
“Venezuelan crude has become an increasingly important part of India’s diversification since the start of the year,” Ritolia said. Venezuela’s flagship Merey crude is particularly attractive because it is trading at a discount to Russian Urals. The price advantage can partly offset the longer voyage from Venezuela to India and the higher transportation costs.
Merey is a heavy, high-sulfur crude, making it more difficult to process than lighter grades. Reliance’s Jamnagar complex, however, has sophisticated refining capabilities that allow it to process such challenging crude grades.
Still, higher tanker rates and the limited ability of many Indian refineries to process heavy crude in large volumes could constrain the sustainability of the import surge. “These barrels are relatively difficult, heavy barrels, and not every Indian refinery can process them continuously or in large proportions,” Ritolia said.
India’s imports of Venezuelan crude are expected to more than double in October as steep discounts on the South American producer’s oil encourage refiners to increase purchases amid rising costs and sanctions-related risks surrounding Russian supplies, Bloomberg News reported on Wednesday.
Venezuelan crude deliveries to India are projected to reach about 465,000 barrels per day (bpd) this month, up from 196,000 bpd in September, according to Kpler estimates. If scheduled cargoes arrive on time, October imports would be the highest since December 2019.
However, actual volumes could be lower. Kpler senior manager Sumit Ritolia expects October deliveries to average closer to 350,000 bpd, as some vessels may not discharge before the end of the month.
All Venezuelan cargoes currently headed for India list Sikka port in Gujarat as their destination. Sikka serves Reliance Industries’ Jamnagar refinery complex, the world’s largest refining hub. At least two tankers are scheduled to arrive on India’s west coast on October 31, according to ship-tracking data.
India resumed imports of Venezuelan oil in February after an almost year-long pause, following the easing of US sanctions that had restricted the country’s crude exports. The renewed flows have gained importance as Indian refiners reassess their dependence on Russian crude.
Russia remains India’s largest crude supplier, but its share of India’s imports fell to around 35% in September from as high as 56% in July, according to Kpler data. Russian Urals crude prices have also climbed, with Baltic-loading prices reaching their highest levels since the start of the Ukraine war. Indian refiners are additionally becoming more cautious about Russian purchases amid the threat of fresh US sanctions and punitive tariffs.
“Venezuelan crude has become an increasingly important part of India’s diversification since the start of the year,” Ritolia said. Venezuela’s flagship Merey crude is particularly attractive because it is trading at a discount to Russian Urals. The price advantage can partly offset the longer voyage from Venezuela to India and the higher transportation costs.
Merey is a heavy, high-sulfur crude, making it more difficult to process than lighter grades. Reliance’s Jamnagar complex, however, has sophisticated refining capabilities that allow it to process such challenging crude grades.
Still, higher tanker rates and the limited ability of many Indian refineries to process heavy crude in large volumes could constrain the sustainability of the import surge. “These barrels are relatively difficult, heavy barrels, and not every Indian refinery can process them continuously or in large proportions,” Ritolia said.