Venezuela Becomes India's No. 3 Crude Supplier at 417,000 Bpd, Overtaking Saudi Arabia and US
Updated
Updated · India Today · May 22
Venezuela Becomes India's No. 3 Crude Supplier at 417,000 Bpd, Overtaking Saudi Arabia and US
10 articles · Updated · India Today · May 22
Venezuela shipped about 417,000 barrels per day to India in May, up from 283,000 bpd in April and from zero over the previous nine months, making it India's third-largest crude supplier.
Cheaper Venezuelan barrels and renewed supply disruption around West Asia drove the jump, with Reliance and other complex refiners favoring heavy, high-sulphur crude that fits their systems.
India's total crude imports rose 8% month on month to roughly 4.9 million bpd, but stayed below February's 5.2 million bpd as Hormuz disruption and weaker Iraqi flows continued to constrain supplies.
Iranian cargoes stopped again in May after a brief April return, while Saudi shipments nearly halved to about 340,000 bpd from 670,000 bpd, hurt by less competitive pricing.
The reshuffle underscores how war, sanctions and pricing are forcing the world's third-largest oil importer to diversify supply as fuel costs, rupee weakness and inflation pressure build.
Is India's pivot to cheap Venezuelan oil a smart economic move or a dangerous geopolitical gamble?
How will the Iran conflict impact BRICS' plan to challenge the petrodollar system for energy trade?
Venezuela’s Oil Comeback: Why It Hasn’t Become India’s Third-Largest Crude Supplier in 2026
Overview
Despite expectations, Venezuela has not become India’s third-largest crude oil supplier as of May 2026. Geopolitical shifts are changing global oil flows, and Venezuela is re-entering international markets, but current data shows a clear gap between these hopes and reality. India, facing high energy demand, continues to diversify its crude sources, but Venezuela’s export capacity remains limited due to recent challenges. As a result, while Venezuela’s potential is recognized, it is not yet a major supplier for India, highlighting the ongoing competition and complexity in the global oil market.