The Daily Journal.— Venezuela ranked among India’s five largest oil suppliers during the six months of war in Iran, accounting for nearly 5% of the Asian giant’s total imports, according to data from analytics firm Kpler.
Venezuela joined Brazil in the Russia-led group, followed by the United Arab Emirates and Saudi Arabia, as the global energy landscape shifts.
In this context, Venezuela supplies 233,000 barrels per day, partially offsetting a 300,000-barrel-per-day decline in shipments from Saudi Arabia.
Venezuela reshapes supplier rankings
Venezuelan oil returned to the Indian market through spot transactions that reflected global traders’ search for additional barrels. As a result, Venezuela now ranks among India’s five largest oil suppliers, alongside Brazil. Both countries displaced the United States and Nigeria from the top suppliers list.
India expanded its pool of crude suppliers to 31 countries during the six-month war period. Nine of the 10 new suppliers accounted for only 1.4% of the crude India purchased between March and August. Venezuela stood out as the exception, accounting for nearly 5% of imports.
The five largest suppliers together account for 76% of India’s oil imports, only three percentage points below the share they held before the war in the Middle East.
In addition, the concentration of India’s oil imports reached its highest level during the period, with the Herfindahl-Hirschman Index rising 56% to 2,513.
Russia maintains its dominant position, increasing its share to 47% of India’s total imports, while Venezuelan crude has emerged as a significant player in this new energy landscape.
With information from Kpler
