India Lifts Venezuelan Oil Imports to 383,000 bpd as U.S. and Russia Vie for Energy Share
Updated
Updated · CNBC · Aug 27
India Lifts Venezuelan Oil Imports to 383,000 bpd as U.S. and Russia Vie for Energy Share
3 articles · Updated · CNBC · Aug 27
Summary
383,000 barrels per day of Venezuelan crude flowed to India in August so far, up from zero in March, as New Delhi broadens supply options while U.S. and Russia compete for a bigger slice of its energy demand.
11% of India's crude imports now come from the U.S. and Venezuela combined, but analysts say Russian barrels remain hard to replace because many Indian refineries are built for medium and heavy crude.
Russia still dominates India's oil market, supplying more than 50% of imports in June and July and nearly 43% in August so far, even after U.S. pressure and last year's 25% punitive tariffs.
The U.S. has gained ground in gas fuels instead, providing more than 70% of India's LPG imports and nearly one-third of LNG in July as the Iran war disrupted Middle East supply routes.
A U.S. bill proposing tariffs of up to 100% on buyers of Russian energy heads to the House in September, though experts expect no immediate Indian pullback because global crude supply remains tight.