Overview
- Venezuela supplied about 417,000 barrels per day to India in May, rising from roughly 283,000 bpd in April and making it the country’s third‑largest supplier, according to Kpler.
- India’s total crude imports climbed to about 4.9 million bpd in May but remained below the roughly 5.2 million bpd recorded before the Iran conflict.
- Refinery economics and grade compatibility drove the shift because Venezuela’s cheaper, heavy high‑sulphur crudes suit advanced complexes such as Reliance’s Jamnagar better than most state refineries can handle.
- Saudi and Iraqi shipments to India fell sharply in May, and Iranian cargoes that briefly resumed in April have stalled again after reports of a US naval blockade around Iranian ports.
- The change could ease margin pressure for advanced refiners, affect domestic fuel costs and inflation, and prompt India to keep diversifying suppliers if West Asia disruptions persist.