India Is Offered Tiny Volume of Venezuelan Oil as Most Goes to U.S.
Most Venezuelan crude controlled by the U.S. is directed to American refiners, with Indian buyers receiving limited volumes despite interest in diversifying from Russian oil.
- On January 27, 2026, Indian refining executives said only small volumes of Venezuelan crude are offered to India, with most under U.S. control heading to U.S. refiners like Valero and Phillips 66.
- The U.S. government authorized Vitol and Trafigura to market Venezuelan state oil and is providing logistical and marketing services at Washington's request this month.
- Indian refiners including Indian Oil Corporation, Hindustan Petroleum Corp., Mangalore Refinery & Petrochemicals Ltd, and Reliance Industries have shown willingness to buy Venezuelan crude as analysts say India will maintain Russian baseload while seeking non-sanctioned barrels.
- Deliveries fell to about 1.2 million bpd in December and around 1.12 million bpd in early January as U.S. sanctions and the European Union ban weigh on Russian crude imports.
- Traders began offering Venezuelan cargoes for March delivery as India Energy Week runs Jan. 27 to Jan. 30, and Hardeep Puri, Indian Oil Minister, said widened discounts could sustain purchases into 2026.
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India Is Offered Tiny Volume of Venezuelan Oil as Most Goes to U.S.
Offers of Venezuelan crude to India are limited, and in small volumes, as most of the oil under U.S. control is heading to the United States, Indian refining executives told Reuters. Since the U.S. took control of Venezuela’s oil sales and authorized two of the world’s biggest independent traders, Vitol and Trafigura, to market the crude, Indian refiners have vied for crude from Venezuela as they seek to diversify the large exposure to Russian c…
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