India’s crude oil imports from Venezuela are expected to reach their highest level in nearly seven years in October, driven largely by increased purchases by Reliance Industries. According to estimates from energy intelligence firm Kpler, Venezuelan crude deliveries to India could rise to around 465,000 barrels per day (bpd), up from approximately 196,000 bpd in September. If all scheduled shipments arrive on time, this would be the highest monthly volume since December 2019.
Reliance Industries, which operates the world’s largest refining complex at Jamnagar in Gujarat, is leading the increase. The company accounted for around 76% of India’s Venezuelan crude imports in September, according to Kpler data cited by CNBC.
The shift comes as Indian refiners reassess their crude sourcing amid rising costs for Russian oil. Russia has been one of India’s largest crude suppliers, but its share of Indian imports fell to around 35% in September from as high as 56% in July, according to Kpler data. Higher prices and concerns over potential US penalties have contributed to the reduction in Russian purchases.
Venezuelan crude has become more attractive because of its steep discounts. The country’s flagship Merey grade has reportedly been offered at around $16 per barrel below Dated Brent, while Russia’s Urals crude has traded at a premium. The discount helps offset the longer shipping distance and the additional processing requirements associated with Venezuela’s heavy, high-sulphur oil.
Reliance’s Jamnagar refinery is particularly suited to processing such crude grades, giving the company an advantage over Indian refineries with more limited capabilities for handling heavy oil.
However, the projected October increase may not fully materialise. Kpler estimates that actual deliveries could average closer to 350,000 bpd because some tankers may not unload before the end of the month. Rising tanker freight rates could also affect the economics of importing oil from Venezuela.
India resumed Venezuelan oil purchases in February 2026 after an extended pause, following changes in US sanctions and licensing arrangements. The renewed trade reflects India’s efforts to diversify its crude supply sources and secure competitively priced energy amid shifting global trade patterns.
The increase in Venezuelan imports highlights Reliance’s role in shaping India’s crude sourcing strategy. While discounted supplies offer an alternative to costlier Russian oil, future import levels will depend on pricing, shipping costs, sanctions policy and the availability of suitable crude for Indian refineries.
