A360
Key Takeaways✦ Atlas AI
01
India's Venezuelan oil imports surged 50%.
02
Hormuz Strait disruptions forced India's shift.
03
U.S. promotes Venezuelan crude re-entry.
Atlas AI
India Increases Venezuelan Oil Imports Amid Middle East Conflict
India has significantly increased its crude oil imports from Venezuela, becoming Venezuela's third-largest crude supplier in May 2026. This shift follows disruptions to traditional supply routes through the Strait of Hormuz due to escalating conflict involving Iran. Venezuelan shipments to India have risen by nearly 50 percent compared to April figures, according to energy tracking data.
The strategic pivot is driven by the inaccessibility of the Strait of Hormuz, which typically handles nearly half of India's crude oil imports from Gulf producers. Supplies from Saudi Arabia, previously India's third-largest supplier, have decreased by approximately 50 percent, from 670,000 barrels per day (bpd) in April to 340,000 bpd in May. India had briefly resumed Iranian crude imports in April after a seven-year hiatus, but these have ceased due to a U.S. naval blockade of Iranian ports.
The United States, which now controls Venezuela's oil industry following a leadership change in January, is actively encouraging the reintroduction of Venezuelan crude into the global market. S. Secretary of State Marco Rubio is scheduled to visit India from May 23 to 26 for discussions that include energy security. Venezuelan Acting President Delcy Rodriguez is also expected to travel to India next week to finalize oil sales.
Venezuela possesses the world's largest proven oil reserves, estimated at 303 billion barrels.
