Venezuela has re-emerged as a major crude oil supplier to India in 2026, with exports to the country rising sharply after years of limited trade due to US sanctions.
According to data from shipping trackers and Venezuela’s state-owned oil company PDVSA, the South American nation’s overall oil exports reached their highest level since 2018 earlier this year, reflecting a significant recovery in its energy sector.
Indian refineries are well-equipped to process Venezuela’s heavy, high-sulphur crude, which has often been available at competitive discounts. The increase in imports also aligns with India’s strategy of diversifying its energy sources.
As one of the world’s largest crude oil importers, India depends on overseas supplies for most of its oil requirements. Disruptions caused by the conflict in West Asia and temporary constraints on shipments through the Strait of Hormuz earlier this year prompted Indian refiners to seek alternative sources from Russia, Africa, Latin America and other regions.
Venezuelan crude has helped offset reduced supplies from parts of the Middle East during certain periods, supporting India’s efforts to maintain stable energy imports.
For Venezuela, the growing trade with India forms part of a broader recovery in its oil industry. Despite possessing the world’s largest proven oil reserves, the country experienced a sharp decline in production and exports due to international sanctions and domestic challenges.
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Indian officials have also indicated interest in expanding bilateral energy cooperation, including potential investments in Venezuela’s oil sector.
Petroleum and Natural Gas Minister Hardeep Singh Puri met acting Venezuelan President Rodríguez during her visit to India earlier this year. Discussions included opportunities to deepen energy collaboration.
Several Indian companies are reportedly exploring investment opportunities in Venezuela’s energy sector, with reports indicating that licences have been granted to Indian firms.
India’s total investment in Venezuela’s oil industry currently stands at around USD 1 billion, primarily through the San Cristóbal and Petrocarabobo-1 projects located in the country’s Orinoco Belt, underscoring the expanding energy partnership between the two nations.