Venezuela Emerges as India’s Third-Largest Oil Supplier

Amid rising tensions in West Asia and growing concerns over global fuel supplies, India is strategically increasing crude oil imports from Venezuela due to lower prices and supply advantages. According to recent reports, Venezuela has now become India’s third-largest crude oil supplier in May 2026, surpassing Saudi Arabia and the United States. Data from energy cargo tracker Kpler shows that India imported nearly 4,17,000 barrels of crude oil per day from Venezuela this month, compared to 2,83,000 barrels per day in April.

Russia and the UAE continue to remain India’s top oil suppliers, but Indian refiners are increasingly turning towards Venezuelan crude as disruptions around the Strait of Hormuz and volatile oil prices continue to impact global markets. Reliance Industries is reportedly leading purchases from Venezuela, as the country’s heavy, high-sulfur crude is well suited for processing at Reliance’s Jamnagar refinery in Gujarat. Industry experts believe Reliance’s advanced refining capabilities are helping the company benefit significantly from these imports.