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Indian Oil Suppy Goes Off Script. Not Russia, Not Gulf—Venezuela
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![Photo of Vlad Litnarovych]( "Photo of Vlad Litnarovych")
India is set to import its largest volume of crude oil from Venezuela in more than six years, helping offset supply disruptions from the Middle East linked to the war involving Iran, according to Bloomberg on April 7.
Data from Kpler indicates that more than 12 million barrels of Venezuelan crude are expected to arrive on India’s west coast in April—the highest level since February 2020.
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Some of the shipments scheduled for delivery this month were likely booked before recent supply disruptions in the Middle East. That suggests the increase reflects a broader strategic adjustment rather than a purely reactive move, analyst Sumit Ritolia noted.
According to Bloomberg, India—which imports roughly 90% of its oil—has been actively seeking alternative suppliers after the war involving Iran disrupted flows through the Strait of Hormuz, a critical chokepoint that typically handles nearly 40% of the country’s crude imports.
Venezuela produces heavy, high-sulfur crude grades that are well suited to Indian refineries. The South Asian nation had previously been a major buyer of Venezuelan oil before trade was curtailed by US sanctions.
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Those restrictions were later eased by Washington following developments involving Venezuelan leader Nicolás Maduro, allowing limited flows to resume and paving the way for renewed trade ties.
The new shipments show a turn in the Indian oil industry, which has a long history of importing Russian crude. However, recent reports show that the State Bank of India (SBI) was officially blocking payments for Russian oil.
As the country’s largest state-owned lender, SBI’s refusal comes despite a temporary US government waiver explicitly designed to facilitate India’s Russian crude imports. The decision underscores institutional concerns regarding potential sanction risks and the unpredictable duration of Washington’s exemption.
Earlier, reports emerged that Russia’s largest oil producer, Rosneft, reported a 73% decline in its 2025 net income, revealing the deep economic scars left by Western sanctions and a chaotic global logistics market.
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