Global commodities traders Vitol and Trafigura have offered Venezuelan crude to Indian and Chinese refiners for delivery in March after securing US approval to market part of Venezuela’s stranded oil, Reuters reports, citing unnamed trade sources. The shift will likely impact India’s crude sourcing from MENA producers.

The offers: Vitol has offered at least one shipment of heavy Venezuelan crude at up to USD 8.50/ bbl below ICE Brent on a delivered basis to Indian state-owned refiners. Reliance Industries, India’s largest refiner, has indicated it would consider Venezuelan barrels if US rules allow sales to non-US buyers.

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India’s crude mix: Any Venezuelan volumes taken by India would be in addition to long-term crude supplies fromMENA producers, who make up a significant share of India’s import basket. Iraq, Saudi Arabia, the UAE, and Kuwait are among India’s largest crude suppliers, underscoring the central role of Gulf and MENA producers in India’s energy imports. These long-standing supply relationships persist even as Indian refiners evaluate alternative spot avenues.

India’s complex refineries are equipped to process Venezuelan heavy-sour crude, which recently sold at steep reductions due to sanctions and shipping issues. India last imported this crude in May 2025, before US restrictions were imposed.

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