Now Reading: India’s crude imports from Venezuela jump amid Hormuz disruptions
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India’s crude imports from Venezuela jump amid Hormuz disruptions
India’s crude imports from Venezuela jump amid Hormuz disruptions
India's crude oil imports from Venezuela have risen sharply since purchases resumed in April, with the South American nation becoming the fourth-largest supplier to India in August, according to Kpler data. Venezuelan…
India's crude oil imports from Venezuela have risen sharply since purchases resumed in April, with the South American nation becoming the fourth-largest supplier to India in August, according to Kpler data. Venezuelan shipments stood at around 371,000 barrels per day in August, compared with 106,000 bpd from Iraq and 138,000 bpd from the US. Russia remains India's largest crude source, with August imports approaching 2 million bpd.
The increase in Venezuelan supplies is part of a broader diversification strategy as disruptions along the Strait of Hormuz due to the Iran conflict prompt India to seek alternative sources. The Times of India reports that Latin American supplies, including Venezuela and Brazil, increased their share of India's import basket to 12.7 per cent during April-July from 3.5 per cent a year earlier, while the Middle East's share dropped to around 30 per cent.
Experts caution that longer shipping routes from Latin America raise freight and insurance costs. Sumit Ritolia of Kpler told PTI that diversification helps supply security but cannot fully insulate India from geopolitics, as major disruptions feed through into higher oil prices and import costs.
Indian Opinion Analysis
Both outlets present the same core facts on rising Venezuelan and Russian crude imports, but their emphasis differs. The Times of India leads with Venezuela's emergence as a key supplier and frames the shift as a strategic diversification away from Middle Eastern chokepoints, citing Kpler data prominently. The Print focuses on the question of over-dependence on Russian oil, quoting analysts on sanctions and shipping risks. The Times omits discussion of Russia-related risks, while The Print gives space to the flexibility argument from Grant Thornton Bharat. A balanced reading: India is diversifying geographically but concentrating volume in Russia, a trade-off between supply security and geopolitical exposure. The cost impact of any future shift away from Russian barrels is the number to track.
On Venezuela, Kpler data shows August shipments at 371,000 bpd. The Print reports 400,000 bpd for August.
Coverage: 2 sources, 2 neutral
Sources (2): timesofindia.indiatimes.com (neutral report), theprint.in (neutral report)
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
