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News India Live, Digital Desk: Amidst the geopolitical conflict raging in the Middle East and the fear of oil crisis looming around the world, India has made a big ‘masterstroke’ on the trade front. Making its energy security impenetrable, India has overtaken even superpower countries like China and America in the purchase of crude oil. Indian refining companies, playing a very smart bet, have increased the import of oil from Venezuela to a record level. With this shocking decision, India has now emerged as the largest buyer of Venezuelan crude oil in the world.
Bumper jump in March figures, imports increased 4 times The figures of the worldwide oil market presented by global maritime intelligence firms and shipping tracking data are astonishing. According to the report, in the month of March alone, a bumper jump of more than four times has been recorded in the shipment of crude oil sent from Venezuela to India. In fact, when America tightened the noose on oil sales to this Latin American country, China, the biggest buyer, stepped back. India filled the gap created by China’s retreat very quickly and left everyone behind in this race.
Big companies like Reliance and IOCL are playing big bets This mega campaign to buy oil from Venezuela is being led by the leading refinery companies of India’s government and private sector. For March loading, major Indian companies like Reliance Industries Limited (RIL), Indian Oil Corporation (IOCL) and Hindustan Petroleum Corporation (HPCL) have together purchased crude oil at a huge rate of 3,43,000 barrels per day. There is a constant threat of disruption to the supply chain from the Middle East due to war. In such a situation, this aggressive strategy of Indian companies is acting as a ‘protective shield’ to save the country from any major fuel crisis.
Venezuela’s production reaches highest level in 5 years The Venezuelan economy is directly benefiting from this huge demand from Indian companies. Venezuela’s nationwide oil exports currently reach 890,000 barrels per day, its highest level since December 2019. The most important role of ‘Diluents’ is behind this huge surge in Venezuelan oil production. These are special types of chemical additives that are added to Venezuela’s extremely heavy, tar-like crude oil. As soon as it is mixed, the thick oil becomes thin and can be easily transported through pipelines.
