Indian Refiners Unfazed by Venezuela Turmoil: No Crude Imports Since May 2025

• Indian refiners have not purchased Venezuelan crude oil since May 2025, insulating them from current volatility.
• Imports peaked at 130 kb/d in April 2024, then declined, reaching zero by May 2025.
• India was a major buyer historically but halted purchases in 2020 due to US sanctions, resuming briefly in Dec 2023.
• Venezuelan heavy crude is inexpensive and beneficial for Indian refiners' Gross Refining Margins (GRMs).
• US actions against Nicolás Maduro and planned investments could increase future Venezuelan oil output, potentially benefiting India.

Why It Matters: Indian refiners are unaffected by Venezuela's situation due to zero crude imports since May 2025.