India Benefits from Increased Crude Shipments from Venezuela and Russia Amid Global Oil Crisis

Amid a severe global crude oil crisis triggered by the Iran war and the subsequent closure of the Strait of Hormuz, India has emerged as the primary beneficiary of increased oil shipments from Venezuela and Russia. According to data from BIMCO, global seaborne crude shipments dropped by 16%, equivalent to 7.6 million barrels per day, following the conflict. To mitigate this shortage, Venezuela increased its exports by 0.4 million barrels per day, while Russia boosted shipments from the Black Sea by 0.8 million barrels per day. Combined, these increases account for 85% of the additional supply from non-Persian Gulf sources, with India absorbing the majority. Tracking data reveals at least 17 Russian tankers heading to Indian ports, alongside Venezuelan heavy crude destined for Reliance Industries’ facilities. Despite minor output increases from Saudi Arabia and the UAE, the region’s total shipments fell significantly. Analysts warn that even if the Strait of Hormuz reopens, restoring previous volume levels may take considerable time, leaving global markets vulnerable to prolonged supply constraints.