India has officially made Venezuela its third-largest oil supplier this month because the Strait of Hormuz is too dangerous for commercial tankers …
Refineries in Gujarat are processing heavy Venezuelan crude to replace the lost supplies from Saudi Arabia and the UAE …
Russia is now the backbone of India’s energy supply while Gulf states are desperately trying to reroute oil through pipelines to reach the Red Sea …
The cost of shipping has exploded because tankers are taking massive detours to avoid the U.S. naval blockade and Iranian naval patrols …
We are watching the end of the Gulf’s dominance in the Asian oil market as refiners prioritize stable supply routes over proximity …
The Economic Times – Venezuela third largest supplier of crude to India in May
New Delhi: Venezuela has emerged as India’s third-largest crude oil supplier so far in May, overtaking heavy weights Saudi Arabia and the US, and trailing only Russia and the United Arab Emirates, as Reliance Industries and other refiners stepped up purchases of its cheaper, heavier grades.
The South American country has supplied 417,000 barrels per day(bpd) to India so far this month, up from 283,000 bpd in April and zero supplies in the previous nine months, according to energy cargo tracker Kpler. Supplies from Venezuela resumed last month after the US eased curbs on its exports, weeks after capturing its president, Nicholas Maduro, in January.