Reliance Drives India’s Venezuelan Crude Imports Higher

India’s Venezuelan crude arrivals could reach roughly 460,000–465,000 barrels per day in October, potentially the highest monthly level since 2019, as Reliance increases purchases of discounted heavy oil.

The projected October volume would be more than double the lowest September estimate of 196,000 barrels per day. Other September estimates put arrivals at 250,000 and 257,000 barrels per day.

The October figure remains provisional because some cargoes are still in transit. Reliance accounted for about 76% of September’s estimated Venezuelan crude shipments to India.

Pricing is supporting the shift. Venezuela’s Merey crude traded at a discount of about $16 per barrel to Dated Brent, while Russia’s Urals traded at a premium of about $10 per barrel. Russian crude has also become less attractive because of higher prices and transport or sanctions-related risks.

Reliance’s Jamnagar refining complex has reported crude-processing capacity of 1.4 million barrels per day and is configured to handle heavy crude grades, including Merey. Reliance had sourced crude from Venezuela, Russia, Brazil and Mexico and had processed more than 200 crude grades.

The change comes as the U.S. sanctions framework for Venezuelan oil transactions has been revised. The U.S. Treasury’s Office of Foreign Assets Control issued General License 46 on Jan. 29, authorizing certain transactions involving Venezuelan-origin oil by established U.S. entities subject to conditions. The current framework includes amended General License 46E, dated Sept. 28.

Venezuelan supplies remain a small share of India’s overall crude demand. The projected increase would give Indian refiners another source of heavy oil while the country maintains a broader crude supply mix.

The final October total will depend on which cargoes discharge before the end of the month. Until those deliveries are completed, the potential seven-year high remains an estimate rather than a confirmed record.