Venezuela Returns To India’s Crude Import Basket, Secures Third Spot In May So Far
· Free Press Journal
India is diversifying its crude import basket as supplies from the Gulf region remain under pressure amid a persistent stalemate between the warring sides over peace efforts.
After Russia, Venezuela has again emerged as one of the top crude oil suppliers to India. The South American country has remained the third-largest supplier of crude oil to India in May so far, according to a report by The Economic Times citing Kpler data.
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Venezuela has displaced countries like the United States and Saudi Arabia to take the third spot.
BPCL Raises Russian Crude Imports To 41%, Company Secures Oil Supply Till July 2026Until May 20, India imported over 417,000 barrels per day of crude from Venezuela. This is 47 percent higher than the import of 283,000 barrels per day in April.
During the previous nine months from April, India did not import crude from Venezuela, whose President Nicolás Maduro was captured by United States forces in January.
The US has eased export sanctions on Venezuela since then, allowing crude exports from the country.
Reliance Industries is among the few companies able to refine high-sulphur, heavy-grade Venezuelan oil at its advanced refinery in Gujarat.
Russia has continued to remain the largest supplier of crude to India after the US granted a waiver to ease stress in energy markets due to the Iran war.
US Extends Waiver On Russian Crude Oil Purchase In Relief To IndiaUntil May 20, India imported about 1.9 million barrels of crude per day, higher than 1.5 million barrels per day in April.
The United Arab Emirates came in second after supplying 563,000 barrels per day of crude, which is slightly lower than the April level of 567,000 barrels per day.
However, India’s crude oil imports from Saudi Arabia witnessed a sharp decline in May so far. Only 340,000 barrels per day of crude was imported from the Gulf country, almost half of the April level of 670,000 barrels per day.