Indian Companies Eye Venezuelan Oil Fields as Imports Surge 51% in a Month
Norway Averts Offshore Strike as Workers and Industry Reach Deal What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Indian energy companies are interested in expanding into Venezuelan oil, New Delhi’s top energy official Hardeep Singh Puri said today at a meeting with Venezuela’s interim president Delcy Rodriguez in India, asquotedby Reuters.
The report follows earlier mediacoverageof the meeting, citing Indian officials as saying that Venezuela’s government sees the country as a preferred partner in energy matters.
“We are working with a government that is friendly, that wants a partnership with India,” an Indian foreign ministry official told media, as quoted by Reuters.
Venezuela has traditionally been a close friend.
We have collaborated very closely at the international level, so we are just going back to normal.” India is the second-largest buyer of Venezuelan crude after the United States, Reuters noted in its Thursday report.
Import rates stood at 427,000 barrels daily last month, after the United States eased sanctions on the commodity in February.
Venezuela, in turn, has become India’s fourth-largest oil supplier.
The May import figure represents an almost twofold increase on April, when India imported an estimated 283,000 barrels daily in April.
Venezuela exported an estimated 1.25 million barrels per day of oil in May, up by 0.7% compared to April’s 1.23 million bpd exports and a massive 61% jump compared to May 2025, according to ship-tracking and vessel-loading data.
Exports are seen rising to 1.5 million barrels daily by next year, according to Kpler.
India has been buying more crude from Russia, Brazil, and Venezuela to replace lost Middle Eastern barrels amid the continuing blockade of the Strait of Hormuz.
The world’s third-largest oil importer has also stepped up buying from Africa’s export majors, Nigeria and Angola, to meet demand.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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