Reliance pushes India's Venezuelan oil imports to seven-year peak in October

According to ship-tracking analytics from Kpler, Venezuelan crude deliveries to India are expected to more than double in October, potentially reaching roughly 465,000 barrels per day, the strongest flow since December 2019. All cargoes are slated for the Sikka terminal, which serves Reliance Industries' Jamnagar refinery, the world's largest complex capable of handling dense, high-sulfur barrels. The price advantage of Merey crude, despite its longer voyage, is attracting refiners as Russian Urals shipments decline amid rising costs and heightened sanction concerns.

Moscow's share of India's crude imports fell to about 35% in September from a peak of 56% in July. Kpler's senior manager Sumit Ritolia notes that while the October figure could settle nearer 350,000 barrels per day if some tankers delay discharge, the overall trend underscores Venezuela's growing role in India's diversification strategy.