India increases Venezuelan oil imports to seven-year high

India is projected to reach its highest level of Venezuelan oil imports in nearly seven years this October. Driven by discounts on Venezuelan crude and rising costs for Russian oil, shipments to India could exceed 465,000 barrels per day. This would represent more than double the volume recorded in September.

According to maritime analysis firm Kpler, these shipments are primarily destined for the Sikka terminal, which supplies the Jamnagar refinery complex operated by Reliance Industries. India resumed these imports in February following shifts in United States sanctions policies regarding Venezuela.