Reliance Drives India's Venezuelan Crude Imports Toward Seven-Year High

India's imports of Venezuelan crude oil are projected to exceed 460,000 barrels per day in October, reaching their highest monthly level since December 2019. The surge is led by Reliance Industries, which absorbed 76% of India's Venezuelan shipments in September to supply its 1.4 million-barrel-per-day Jamnagar refining complex. Total Indian imports from Venezuela stood at 196,000 to 250,000 barrels per day in September before climbing sharply, incentivized by Venezuelan Merey crude trading at an estimated $16-per-barrel discount to Dated Brent while alternative supplies like Russian crude have grown costlier.