India turns to Venezuela as Middle East disruptions accelerate crude supply diversification
(Aug 20) India is widening its crude oil sourcing to Latin America as disruptions linked to the Iran conflict and the Strait of Hormuz push the world’s third-largest oil consumer to diversify supplies, ship tracking data showed.
Indian crude imports from Venezuela have risen sharply in August, making the South American producer the country’s fourth-largest supplier, according to ship-tracking data from Kpler. Venezuelan supplies reached about 444,000 barrels per day, ahead of Iraq’s 118,000 bpd and the United States’ 153,000 bpd, the data showed.
Venezuela’s position in India’s supply mix has risen rapidly since imports resumed in April. Indian refiners increased purchases of Venezuelan, Brazilian and African crude after disruptions to Middle Eastern supplies, while continuing to rely heavily on Russian oil
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