India is buying more crude oil from Venezuela, with imports surging to $3.6 billion between April and August 2026. While the oil is cheaper than Saudi Arabian supplies, it is harder to process. Facilities like Nayara Energy’s Vadinar plant and others now handle this heavy, tar-like fuel for the country.
Other import points included Indian Oil's Paradip facility at 11.7 per cent, Mundra's storage terminals operated by HPCL and others at 11.3 per cent, and Nayara Energy's Vadinar facility at 2.7 per cent.
The development comes at a time when India is already buying more crude oil from Venezuela. The country's crude imports from Venezuela surged from $255 million in 2025-26 to $3.6 billion in just five months (April-August) of 2026-27. However, Venezuelan crude typically trades at a discount to lighter grades because of its lower yield and the higher handling and processing costs associated with its extra-heavy and tar-like nature. During April-August 2026, India paid an average of $821 per tonne for high-quality Saudi Arabian crude, compared with $612 per tonne for low-quality Venezuelan crude, according to the GTRI report.