Venezuela Overtakes Saudi Arabia As India’s Third-Largest Oil Supplier Amid Global Energy Turmoil

| May 22, 2026, 11:01:36 AM | TOI.in
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Venezuela has become India’s third-largest crude oil supplier in May, overtaking Saudi Arabia and the United States as Indian refiners increase purchases of cheaper Venezuelan crude amid disruptions in global energy markets.The shift comes as tensions in West Asia, disruptions around the Strait of Hormuz, falling Iraqi supplies and halted Iranian shipments force India to diversify its oil sourcing strategy.Reliance Industries is expected to benefit significantly due to its ability to process heavy Venezuelan crude at its Jamnagar refinery.The development highlights how geopolitical tensions, sanctions and rising crude prices are reshaping India’s energy security and import strategy.

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