India's Crude Oil Supply Shifts: Venezuela and Brazil Rise Amid West Asia Disruptions
Venezuela, Brazil among India's top 5 crude oil suppliers in April
Business StandardImage: Business Standard
In April, India saw a significant shift in its crude oil suppliers, with Venezuela and Brazil emerging among the top five as shipments from Iraq dropped to zero due to the closure of the Strait of Hormuz. This change reflects India's efforts to diversify its crude sourcing in response to ongoing supply disruptions from West Asia.
- 01Iraq's crude oil shipments to India fell to zero for the first time due to the Strait of Hormuz closure.
- 02Venezuela supplied 298,000 barrels per day (bpd) to India in April, marking a significant increase.
- 03Brazil's crude oil supplies doubled to 275,000 bpd in April.
- 04India's total crude oil imports dropped to 4.43 million bpd, down from an average of 5 million bpd.
- 05Russia remained the top supplier with 1.7 million bpd, despite a 16.67% decrease from the previous month.
Advertisement
In-Article Ad
In April, India's crude oil sourcing strategy underwent a notable transformation as Venezuelan and Brazilian supplies surged amid disruptions from West Asia. Iraq, traditionally India's second-largest supplier, saw its shipments plummet to zero for the first time in years due to the closure of the Strait of Hormuz, a critical maritime chokepoint for global oil transit. According to maritime intelligence firm Kpler, India's primary crude oil suppliers in April included Russia, Saudi Arabia, the United Arab Emirates (UAE), Venezuela, and Brazil. Venezuela's crude oil exports to India reached 298,000 barrels per day (bpd), a significant increase from zero, while Brazil's supplies doubled to 275,000 bpd. This shift is attributed to Indian refiners' efforts to replace lost Gulf barrels, with Reliance Industries leading Venezuelan oil purchases due to its refinery's capability to process sour crude. Despite the disruptions, Saudi Arabia and UAE maintained healthy exports of 704,000 bpd and 591,000 bpd, respectively. Russia continued to be India's largest supplier, with imports of 1.7 million bpd, although this was a 16.67% decrease from March due to maintenance at the Nayara Energy refinery and attacks on oil infrastructure in Russia. Overall, India's total crude oil imports fell to 4.43 million bpd in April, down from an average of 5 million bpd prior to the conflict.
Advertisement
In-Article Ad
The shift in crude oil sourcing may lead to changes in fuel prices in India, impacting consumers and businesses reliant on petroleum products.
Advertisement
In-Article Ad
Reader Poll
Should India further diversify its crude oil suppliers?
Connecting to poll...
More about Reliance Industries
Read the original article
Visit the source for the complete story.


