As of January 2026, India’s imports of Venezuelan crude oil remain very low due to the lingering effects of US sanctions and recent geopolitical developments in Venezuela.
Historical Context
India was once a major buyer of Venezuelan heavy crude, importing up to 400,000–450,000 barrels per day at peak levels before 2019. Venezuelan oil suited complex Indian refineries (e.g., those operated by Reliance Industries, IOC, and others) because of its discounted pricing and high yields for certain products.
Recent Trends (2024–2025)
Imports rose in 2024 to approximately $1.76 billion (roughly 63,000–100,000 barrels per day on average), driven by temporary US sanctions relief and licenses granted to companies such as Chevron and Reliance.
In 2025, volumes declined sharply: Crude imports fell to around $255 million for the financial year up to November 2025 (an 81% drop from FY2024’s $1.4 billion), representing just 0.3% of India’s total oil imports.
Reliance Industries, the primary Indian importer, halted Venezuelan crude purchases in the summer of 2025 after US threats of higher tariffs on countries buying from Venezuela. Imports effectively dropped to zero by mid-2025.
Current Situation (January 2026)
Recent US actions in Venezuela (including military intervention, capture of former President Maduro, and announcements of US oversight of the oil sector) have not immediately disrupted global supply significantly, as Venezuela’s output is only about 1% of world production (around 1 million barrels per day), with most exports going to China.
India’s exposure is minimal, insulating it from near-term energy security risks or price spikes. Russia remains India’s top supplier.
Future Potential
Analysts suggest that if US control leads to sanctions easing and production revival (Venezuela has the world’s largest proven reserves at over 300 billion barrels), India could benefit substantially:
Recovery of nearly $1 billion in unpaid dues to ONGC Videsh from past investments.
Restart of output from Indian-operated fields (e.g., San Cristobal and Carabobo projects).
Renewed discounted heavy crude supplies for Indian refineries, diversifying away from Russian/Middle Eastern sources and improving refining margins.
However, any increase in Venezuelan supply to global markets (including India) would likely be gradual, depending on investment, infrastructure rebuilding, and policy clarity.
Overall, current Venezuelan crude supply to India is negligible, but the evolving situation could open opportunities in the medium to long term.