Imports are expected to rise to 465,000 barrels per day, their highest level in nearly seven years.
The Daily Journal.— India’s imports of Venezuelan crude are set to double in October after seven years without trade due to sanctions, driven largely by Reliance Industries, the Asian country’s largest private conglomerate.
According to Bloomberg, Reliance accounted for 76% of Venezuelan crude shipments to India in September, importing 196,000 barrels per day. Meanwhile, estimates from Kpler indicate that imports could reach as much as 465,000 barrels per day this month, more than double last month’s figure.
That volume would mark the highest level for Venezuelan crude in the Indian market in nearly seven years. The Jamnagar refinery, the world’s largest, has become the main destination for Venezuela’s Merey crude.
Venezuelan crude imports to India surge
India’s increase in Venezuelan crude imports stems from a combination of factors. Attractive discounts on Venezuelan crude and higher prices for Russian oil have prompted Indian refiners to seek alternatives.
Reliance received U.S. approval in August to resume oil trade with Venezuela. The company plans to use naphtha supplies as partial payment for its crude purchases.
India’s imports of Venezuelan oil also grew significantly in May 2026, when the Asian country imported 427,000 barrels per day of Venezuelan crude, making it the world’s largest destination for the commodity.
With information from Bloomberg and Energy World
