India’s Venezuelan oil imports set to hit highest level in nearly seven years
Venezuelan crude deliveries to India are expected to more than double to about 465,000 barrels a day in October from 196,000 in September, which would be the highest since December 2019 if all scheduled cargoes arrive on time. India resumed buying Venezuelan oil in February after an almost yearlong pause, following the lifting of US sanctions after the ouster of Nicolás Maduro, while imports from Russia decline as Urals prices rise and a US sanctions law raises the threat of punitive tariffs. Merey crude is selling at a discount of about $16 a barrel to ICE Brent, with freight to India’s west coast adding about $33 a barrel, and Kpler’s Sumit Ritolia expects October deliveries closer to 350,000 barrels a day.
Why it matters: The reorientation of India’s crude sourcing around sanctions exposure and price differentials is a direct instance of the briefing’s energy security theme.