Despite the impact of the Middle East crisis, things might be looking up for India with the recent resurgence of Venezuela as a major oil supplier.
Venezuela's crude oil exports surged to 1.23 million barrels per day (bpd) in April 2026, up 14 per cent from March's 1.09 million bpd. This was its highest level since 2018, according to shipping data and PDVSA documents compiled by Reuters and OilPrice.com.
A total of 66 cargo vessels left Venezuelan ports in April, up from 61 in March, reports said. Following the January 2026 military operation that removed former President Nicolás Maduro, acting President Delcy Rodríguez seemed to have moved swiftly to rebuild oil sector credibility and attract international capital.
On April 30, 2026, Venezuela formalised its new direction by signing agreements with US firms Hunt Overseas Oil Company and Crossover Energy to operate in the Orinoco Belt, the world's largest known heavy crude reserve, in the presence of Trump energy adviser Jarrod Agen, who flew in on the first direct American Airlines Miami–Caracas commercial flight in nearly seven years.
US Energy Secretary Chris Wright has projected Venezuela's production could grow by a further 30–40 per cent through 2026. That is an additional 300,000–400,000 bpd.
How will India benefit?
With Hormuz still largely closed and Brent hovering above $110 per barrel, Indian refiners have been aggressively sourcing discounted Venezuelan heavy crude. Bloomberg reports recently confirmed that Indian refiners are now the largest buyers of Venezuelan crude, filling the void left by China.
BPCL and HPCL Mittal each purchased 1 million barrels of Merey crude, Reliance Industries sourced an estimated 2 million barrels of Boscan crude, and India's cumulative Venezuelan crude intake had already reached at least 6 million barrels through April 2026, as per reports.
Before US sanctions, Venezuela supplied about 6.7 per cent of India's total crude imports in FY18. That share could return, and grow.
Major oil companies, including Repsol (which has already signed a production deal for the Petroquiriquire asset), ExxonMobil, ConocoPhillips, BP and Eni are all evaluating entry or re-entry, attracted by Venezuela's estimated 303 billion barrels of reserves, the largest in the world.