Venezuela's oil exports have hit their highest level in six years, driven by a surge in shipments to India, which has taken over from China as the top buyer. March data shows a significant increase in Indian purchases, surpassing those to the US.
- Venezuela's oil exports hit 890,000 barrels per day in March 2026, the highest since December 2019.
- Indian refiners have become the largest buyers of Venezuelan crude oil, with shipments to the country more than quadrupling.
- China has reduced its purchases of Venezuelan oil, creating a gap that India has filled.
- Shipments to India surpassed those to the US, signaling a shift in global oil supply dynamics.
- The US' move to control Venezuela's oil sales has influenced China's decision to cut back on imports.
- The change in oil trade dynamics could impact oil prices and related sectors.
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