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The Silicon Review Asia

Will India Raise Oil Imports from Brazil and Mexico after the Venezuela Curb?

Will India Raise Oil Imports from Brazil and Mexico after the Venezuela Curb?

The loss of Venezuelan Oil in the US sanction has certainly created a loss. Now India is said to increase the oil imports from Brazil and Mexico to the offset of the loss. It is important to realize Venezuela is the 4th largest supplier of oil to India right after Saudi Arabia, Iraq and Iran (the three big oil country). The other fact is that it had accounted for about 11 per cent of the Indian oil supplies back in the years 2017 and 2018. The supply was said to be quite close to 18 million tonnes (mt).

According to certain reports the oil imports that come from Venezuela have now come under the threat of the US sanction. This is now a problem because this is making the Indian companies scout or seek an alternative market, which might be hard for some according to reports. The most diplomatic sources have said that Both Mexico and Brazil have expressed that they have a desire to improve the energy sector cooperation. For now, India is still in the process of evaluating the option. It is only said to make a decision once the public and private sectors of the oil market or in other words the oil marketing firms gives its opinion on the situation.

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