Daily Energy Report

India oil imports from Venezuela, US crude inventories up, US bridge collapse impact, Sudan tinderbox, China coal gloom, EPA’s EV fantasy, More US sanctions, Canada hydropower, Green steel, and more

Chart of the Day: Impact of India Halting Oil Imports from Venezuela is Highly Exaggerated

Summary

Figure (1) above shows India’s crude oil imports since the beginning of 2022. It shows that India has not imported crude oil from Venezuela until recently after the Biden Administration relaxed sanctions on Venezuela. It shows that the number of imports from Venezuela is a small fraction of total imports. 

EOA’s Main Takeaway

We have received several questions from our clients and readers regarding the impact of Indian refiners halting imports from Venezuela, and we decided to make the issue the most prominent in today’s report. But before we do that, we would like to make two observations: