US Signals India May Resume Venezuelan Crude Purchases as Russian Imports Decline

The United States has indicated to New Delhi that it may soon resume purchases of Venezuelan crude, aiming to offset India’s reduced intake of Russian barrels following higher U.S. tariffs on those flows, according to Reuters sources. Any shift in Indian sourcing could influence global benchmarks, including Oil – Brent Crude and Oil – US Crude, by reshaping trade routes and refining margins in Asia. The move underscores Washington’s use of energy trade policy to steer flows away from Russia while potentially easing sanctions pressure on Venezuela, with knock-on effects for supply risk premia embedded in benchmark crude prices.

Over the past month, prices for Oil – US Crude have climbed about 12.07%, while Oil – Brent Crude advanced roughly 12.46%, reflecting tighter supply expectations and ongoing geopolitical frictions. From a short-term technical perspective, both benchmarks currently show a 1-day Buy signal for Oil – US Crude and a 1-day Buy signal for Oil – Brent Crude, suggesting near-term bullish momentum. If Indian refiners pivot from Russian to Venezuelan grades, investors will be watching for potential adjustments in differentials between sour and sweet crudes and the extent to which these flows reinforce or temper the recent upward trend. Investors can explore more updates, prices, and analysis across global markets at Commodities.