India turns to Russia, Venezuela for crude supplies amid West Asia crisis | Economy & Policy News

India has purchased maximum quantities of crude oil from Russia and Venezuela in the first six days of April at 659,000 barrels per day (bpd) and 612,000 bpd, respectively, according to data from ship-tracking firm Kpler. Crude oil loadings or purchases reflect volumes which are headed to India from the country of origin, but might change in the coming days as voyages become clearer.

Both Russia and Venezuela are secure supply options for India, as shipments from these countries do not rely on the Strait of Hormuz, a key chokepoint through which 20 per cent of global crude oil transits.

Since the beginning of the conflict in West Asia, Indian refiners have increased Russian oil purchases after the US issued a 30-day waiver, which expires on April 11, allowing countries to buy crude oil and petroleum products from Moscow, currently stranded at sea.

Meanwhile, India is also boosting oil purchases from Venezuela, after last receiving a crude oil cargo from Venezuela in May 2025, said Kpler. Before the US had imposed sanctions on Caracas in 2019, RIL and Russia-backed Nayara Energy were the top Indian buyers of Venezuelan crude.

Higher purchases from Russia and Venezuela have come at the expense of supplies from West Asia, which have been disrupted by tensions in the region. India sources around 40 per cent of its crude oil imports through the Strait of Hormuz.

In April so far, India has bought 407,000 bpd of crude oil from the United Arab Emirates (UAE) and 314,000 bpd from Oman, while oil purchases have also ramped up from alternate sources such as Nigeria and Angola at 343,000 bpd and 182,000 bpd. Meanwhile, no crude cargoes from India’s key traditional suppliers, Saudi Arabia and Iraq, are currently headed to the country.

To sustain petroleum product exports, Saudi Arabia and the UAE have increased shipments via routes that bypass the Strait of Hormuz.

In March, India’s crude oil imports from key West Asian suppliers such as Iraq, Saudi Arabia and the UAE fell sharply due to disruptions in vessel movement through the Strait of Hormuz. Imports from Iraq declined by about 75 per cent, while supplies from Saudi Arabia dropped by around 43 per cent during the period.