Archive · 8 Oct 2026
India’s Venezuelan Oil Imports May Hit Seven-Year High
India may receive much more oil from Venezuela in October than it did in September.
Kpler estimates the shipments at about 465,000 barrels each day, more than twice September’s amount.
But some ships may not unload before October ends, so actual deliveries could be closer to 350,000 barrels a day.
The cargoes are headed to Sikka in Gujarat, which serves Reliance’s Jamnagar refinery.
Venezuelan oil is attractive because it is discounted compared with Russian Urals crude.
Russia is still India’s biggest oil supplier, but its share of India’s imports has fallen.
Venezuelan crude is heavy and contains a lot of sulfur, so it can be harder to process.
Jamnagar can handle it, but not every refinery can process large amounts of this oil.
Shipping costs and refinery limits may make it difficult to keep increasing these imports.
Kpler estimates Venezuelan crude shipments to India will rise to about 465,000 barrels per day in October, from 196,000 in September.
If scheduled cargoes arrive on time, October shipments could reach their highest level since December 2019.
Sumit Ritolia expects actual October deliveries to average closer to 350,000 barrels per day because some ships may not discharge by month-end.
All Venezuelan cargoes currently bound for India list Sikka, Gujarat, which serves Reliance Industries’ Jamnagar refinery complex.
Discounted Merey crude may help diversify supply, but shipping costs and heavy-crude processing limits could constrain growth.
- Who
- Indian refiners, including Reliance Industries, and Venezuelan crude suppliers; Kpler provided shipment estimates.
- What
- India’s Venezuelan crude shipments are forecast to more than double in October, though actual deliveries may be lower.
- When
- October; India resumed Venezuelan oil imports in February after an almost year-long pause.
- Where
- Cargoes are bound for Sikka, Gujarat, which serves Reliance Industries’ Jamnagar refinery complex.
- Why
- Discounted Venezuelan crude offers an alternative as Russian oil becomes costlier and Indian refiners consider risks from possible US sanctions.
Reasons Venezuelan imports could rise
Constraints on sustained growth
Price and diversification
Reasons Venezuelan imports could rise
Merey crude is discounted against Russian Urals, and Indian refiners are seeking alternatives as Russian crude becomes costlier and potential US sanctions raise concerns.
Constraints on sustained growth
The longer voyage and higher transportation costs can reduce the benefit of Venezuela’s crude discount.
Refinery suitability
Reasons Venezuelan imports could rise
Reliance’s Jamnagar refinery complex can process challenging heavy crude grades such as Merey.
Constraints on sustained growth
Many Indian refineries cannot process heavy crude continuously or in large proportions.
October volumes
Reasons Venezuelan imports could rise
Kpler estimates Venezuelan shipments at about 465,000 barrels per day in October, more than twice September’s level and potentially the highest since December 2019 if scheduled cargoes arrive on time.
Constraints on sustained growth
Kpler senior manager Sumit Ritolia expects actual deliveries to average closer to 350,000 barrels per day because some vessels may not discharge by month-end.
- October shipment estimate
- About 465,000 barrels per day, compared with approximately 196,000 barrels per day in September, according to Kpler.
- Expected delivered volume
- Sumit Ritolia expects October deliveries to average closer to 350,000 barrels per day because some vessels may not discharge before month-end.
- Potential record
- If scheduled cargoes arrive on time, October would be the highest level since December 2019.
- Destination
- All Venezuelan cargoes currently bound for India list Sikka, Gujarat, as their destination.
- Refinery link
- Sikka serves Reliance Industries’ Jamnagar refinery complex.
- Russian crude share
- Russia’s share of India’s crude imports fell to around 35% in September from as high as 56% in July, according to Kpler.
- Merey pricing and freight
- One report says Merey traded at about $16 per barrel below ICE Brent, while freight to India’s west coast added about $33 per barrel.
- Processing challenges
- Merey is heavy and high in sulfur; higher tanker rates and refinery limitations could constrain further import growth.
