India’s imports of Venezuelan crude oil are set to surge to their highest level in nearly seven years, with Reliance Industries emerging as a key buyer. According to Kpler estimates, Venezuelan crude deliveries to India could rise to around 465,000 barrels per day (bpd) in October, more than double the 196,000 bpd recorded in September. If scheduled cargoes arrive as planned, October volumes would be the highest since December 2019. 

Reliance at the centre of the surge

A major reason behind the increase is Reliance Industries’ Jamnagar refining complex in Gujarat. Almost all Venezuelan cargoes headed for India list Sikka port, which serves Reliance’s massive Jamnagar refinery complex.

Reliance’s refining facilities are capable of processing Venezuela’s Merey crude, a heavy and high-sulfur grade that is difficult for some other refineries to handle efficiently. 

Venezuelan oil becomes cheaper

Venezuela’s Merey crude is currently being offered at a significant discount, making it attractive compared with Russian Urals crude, which has become more expensive. The discount helps compensate for the longer shipping distance from Venezuela to India and the additional processing challenges associated with the heavy crude. 

India restarted buying Venezuelan oil in February after an extended pause. The return of Venezuelan supplies has also coincided with a decline in Russian crude purchases.

Russian oil share declines

Russia remains one of India’s biggest crude suppliers, but its share of India’s imports fell to around 35% in September, compared with as much as 56% in July, according to Kpler data. Rising Russian oil prices and the threat of additional US sanctions and tariffs have encouraged Indian refiners to diversify their crude sources. 

Venezuela had already become an important alternative earlier in 2026. In August, India imported around 358,000 bpd of Venezuelan crude, the highest monthly level since 2020, with Venezuela briefly becoming India’s third-largest supplier. 

Can the trend continue?

Analysts caution that October’s headline figure may not fully translate into actual delivered volumes. Kpler expects some shipments to arrive later, potentially putting actual October deliveries closer to 350,000 bpd.

Higher tanker rates could also reduce the attractiveness of Venezuelan crude. Moreover, Merey is a heavy, acidic oil and not every Indian refinery can process large quantities of it continuously. 

For India, however, the shift highlights a broader strategy of diversifying crude supplies. With Russian oil becoming costlier and geopolitical risks affecting traditional supply routes, discounted Venezuelan crude is giving Indian refiners another option while helping Reliance optimise feedstock costs.