Bloomberg
Indian refineries are becoming the largest buyers of Venezuelan crude, filling the gap left by China, which was the main importer and has reduced its purchases after the United States' decision to control Venezuelan oil sales. Shipments to India more than quadrupled in March, surpassing those to the United States, according to shipping reports compiled by Bloomberg and data from maritime intelligence firm Kpler Ltd. Domestic exports now reach 890,000 barrels a day, the highest figure since December 2019, according to the data. Driven by a steady flow of imported diluents, Venezuelan production is increasing, which in turn is increasing flows. March imports amounted to nine cargoes, compared to seven in February. Indian refineries, including Reliance Industries Ltd., Hindustan Petroleum Corp., and Indian Oil Corp., have purchased a total of 343,000 barrels a day for loading in March. Indian companies may continue to turn to Venezuela's oil supplies to alleviate disruptions caused by the conflict in the Middle East. Operators have continued to move Venezuelan oil to storage tanks in the Caribbean. Nearly 18 million barrels of crude were transported to the Bahamas, Curacao, and St. Lucia this year. Volumes have begun to decrease gradually, with PBF Energy loading oil in the Bahamas. In March, the vessel SFL Tiger loaded oil in Curacao and has Italy as its final destination, according to a note from the Bloomberg Agency.
