Venezuela’s oil exports to India surge, restoring its role as a key energy supplier
&imwidth=600&imheight=450&format=webp&quality=medium "Venezuela’s oil exports to India surge, restoring its role as a key energy supplier")
Handout picture released by the Venezuelan Presidential Press Office of a general view of Amuay oil refinery Photograph: (AFP)
Following the easing of US sanctions, Venezuelan crude oil imports to India surged in early 2026, making Venezuela India’s third-largest supplier in May as Indian refiners sought heavy crude alternatives.
Venezuela has rapidly regained prominence as a major crude oil supplier to India in 2026, with shipments climbing sharply after years of limited trade constrained by US sanctions. Data from shipping trackers and Venezuela’s state oil company PDVSA show the South American nation’s overall oil exports reached their highest levels since 2018 earlier this year.
Average monthly imports from Venezuela rose from 64.027 TMT (FY 2025-26) to 1,047.148 TMT in April–May of FY 2026-27, Indian govt data shows. This positioned Venezuela as India’s third-largest crude supplier in May, behind only Russia and the United Arab Emirates. The volumes marked a stark contrast to the previous nine months, when India imported virtually no Venezuelan crude.
The rebound follows the easing of US restrictions on Venezuelan oil sales earlier in 2026, after political changes in Caracas, which is the US capture of longtime leader Nicolás Maduro. Maduro was replaced by his former vice-president, Delcy Rodríguez, who became the acting President of the country.
Indian refineries are particularly well-suited to process Venezuela’s heavy, high-sulphur crude grades, which have often been available at competitive discounts. India’s growing purchases also reflect efforts to diversify energy sources. As one of the world’s largest oil importer, the country relies on imports for the vast majority of its crude needs.
Disruptions linked to conflict in West Asia and temporary constraints on flows through the Strait of Hormuz earlier in the year prompted refiners to seek alternatives from Russia, Africa, Latin America and elsewhere. Venezuelan supplies have helped fill gaps left by reduced Middle Eastern volumes at certain points.
For Venezuela, the expanded trade with India forms part of a broader recovery. Once a top global producer with the world’s largest proven oil reserves, the country saw output and exports collapse under sanctions and domestic challenges.
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Indian officials have signalled interest in deeper energy cooperation, including potential investments. Petroleum Minister Hardeep Singh Puri has met acting Venezuelan President Rodríguez during her India visit earlier this year. Some Indian companies are exploring opportunities in the sector, and there are reports of licences being given to Indian energy companies. India's total investment in Venezuela's oil sector stands at approximately USD 1 billion in the San Cristóbal and Petrocarabobo-1 projects located in the Orinoco Belt.
